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Welcome in to This Week in Bitcoin, Episode 69.

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My name is Chris, chrislas.com, jupiterbroadcasting.com.

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Well, back to our regularly scheduled news program.

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I hope you enjoyed my chat with Moritz from Albie in Episode 68.

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But clearly, the smell of hobium and FOMO is in the air this week, and I'll get to that.

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But before I do, I want to start with some news that broke just a little bit after I published last week's episode.

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And this news is going to open Bitcoin to a $9 trillion market.

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A new way to invest?

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401ks usually invest in stocks and bonds, but now they have new options.

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A new order signed by President Trump would clear the way for your retirement plans to invest in Bitcoin and other cryptocurrencies.

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A proposal offering high reward, but maybe even higher risk.

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Our business and tech reporter, Scott Budman, breaks it all down for us.

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It's long been known as a safe place to put your money.

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But thanks to a new executive order from President Trump, your 401k plan could soon get more racy.

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These are obviously risky endeavors.

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Like everything, there's a component of risk.

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Any investment comes with risk.

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But the new plan would let you put not for the faint of heart assets like cryptocurrency, private equity and real estate in your retirement plan.

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Signer Joss Holdings is one of a small number of firms that lets you do that now.

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You can clearly hear a bit of slant in the coverage here.

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And I think what everybody kind of misses is these are particular assets that are hopefully going to help people protect against inflation.

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Inflation. Oh, boy.

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inflation because i think the trump administration knows what's coming at least money printing and

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money printing means you're going to need places to put this that will be protected from debasement

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their goal empower investors to go and challenge their financial advisors and tell them i get that

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i'm investing and i have a you know sound and safe investment strategy but why don't we take 10 to 20

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percent of them of our portfolio and invest it into these alternative assets and take some risk

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But is crypto in your long-term retirement account a good idea? We're talking about something we hope grows for decades, so it might catch on among crypto-curious younger employees.

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If I had to imagine the companies that might be earlier to add this, it's going to be companies with younger workforces.

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That kind of checks out, right? It's going to be some tech companies and things like this.

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In fact, I would expect most financial advisors are going to strongly recommend you don't do this.

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You know, they're going to steer people away from this, just like they have over the last decade.

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But some will continue to make their own self-directed choices like some Bitcoiners have, and they're going to outperform all those TradFi investors.

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I mean, this is simple.

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You just look at the math.

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It's simple.

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But, you know, it doesn't go into their formulas.

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It doesn't fit into their spreadsheet where they can calculate the return over 20 years and kind of give you an estimate.

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So it scares them. They know it goes up in price. They know that.

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But we also want to talk about crypto here. Bitcoin at fresh all time highs, similar to what we're seeing in the stock market, Danny.

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And as you might expect, these crypto equities, Circle, Coinbase also rallying very hard to start this week.

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Yeah, they are again, as you say, Bitcoin up there at all time highs.

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institutional investors corporate treasury they are all adding to their exposure year to date we're

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up just under 30 percent you know when the bitcoin price is up the haters can't help but just scratch

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up bad news this is a trend i've been watching accelerate over the last couple of months

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and the attacks are a little bit different this time they seem to be centering around what i found

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to be four common themes and i think you're going to hear it more from more more and more from no

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coiner normies that are scared of the volatility or whatever it might be. And this is coming from

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places that a lot of people that are really unexposed to all of this are watching. So they're

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kind of fresh to the topic. And it's coming down to like the local news and the morning news

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programs. Like, for example, CBS recently had a piece that was on their Sunday morning program,

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and they called it the crypto craze sweeping the nation and Wall Street.

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What's become practically a way of life for some is downright cryptic to many others.

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So what's behind cryptocurrency, digital money?

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Jolene Kent sums it all up.

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So they go back to Bitcoin Conference 2025, which was in May.

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35,000 Bitcoin enthusiasts who descended on Sin City this spring.

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What happened in Vegas hardly stayed in Vegas.

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This is Bitcoin 2025, the biggest ever gathering of its kind.

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If you want digital drama, stick around this conference.

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Between the high rollers.

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Your goal is to get to own at least one Bitcoin because by the time you retire, that can be worth 20, 30 millions.

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And the true believers.

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You can't change the buy. It changes you. Same is true of Bitcoin.

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Everyone seemed to agree on one thing.

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President Donald Trump's re-election has been like hitting the jackpot.

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Ah, there we go. It took them just under a minute to make it political.

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And this is intentional. There's a lot of ways you could frame this, a lot of lenses you could use, as they say.

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But they'll come back to the political narrative over and over again.

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And I'm here today to say loud and clear, with President Trump, crypto finally has a champion and an ally in the White House.

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Once dismissed by investors and still baffling to many Americans,

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cryptocurrencies like Bitcoin have won over supporters from Wall Street to Washington.

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You know, I have to wonder as I listen to this, and I'd like you to ponder on this as well.

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What if the Democrats had wised up to the crypto voter

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and also the money that that industry was willing to spend

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and had made a couple of concessions?

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Not even maybe all the concessions the Trump administration has made, but became, quote unquote, friendly. And let's just say just while we're playing this out, what if they had won? What if Harris had won and she had a pro-crypto administration? How would the media spin that? Do you think that they would tie it to politics like this? Do you think they would focus on that aspect quite as much? I have to be honest with you. I don't think they would.

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I think if the Harris administration had run on a pro-crypto platform and had won, the media would be covering it, but they wouldn't be connecting it to political influence as much.

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Cryptocurrencies like Bitcoin have won over supporters from Wall Street to Washington.

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In July, the president signed the Genius Act, which opens the door for companies including Walmart and Amazon to issue their own digital currencies.

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The emerging digital asset ecosystem.

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And Congress is debating another bill that, for the first time, aims to regulate cryptocurrency trading.

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Bernie Marino is looking out for Ohio.

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This after the industry spent more than $167 million on behalf of crypto-friendly candidates ahead of last year's election.

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How should people think of crypto?

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Is it like gold?

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Is it a stock?

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is it a Beanie Baby or maybe a Labubu?

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So the media always has to go to their skeptical expert

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and they go to Amanda Fitcher.

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She spells Fitcher with a C in it, which is disgusting.

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She was the chief of staff to Gary Gensler at the SEC.

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She was the lead advisor to Gary.

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She, according to the SEC, worked with the commission staff

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on, quote, all aspects of the agency's mission,

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including rulemaking and policy, enforcement, strategy,

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personnel, management, operations, communications, and legislative affairs.

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Of course, Gary's SEC was famous for prosecuting more than a dozen crypto companies.

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I think it might have even been more than 30.

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So this is his right-hand gal.

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This is who the CBS Sunday Morning Program goes to to find out if crypto is like a beanie baby.

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Or maybe a labubu?

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You could think of it as gambling.

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You could think of it as a collectible.

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You could think of it as a type of investment.

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But I think what's important to understand is that crypto is highly volatile.

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It's highly speculative.

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Amanda Fisher served as a top official in the Securities and Exchange Commission under President Biden.

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Crypto is often marketed to individuals as an investment opportunity that will yield them the possibility of great returns.

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But unlike, say, a stock, which represents a part of ownership of a company, it is not backed by any sort of business that is producing goods and services.

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Ah, there's no cash flow, bro.

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There's no cash flow is the go-to number one critique right now by quote unquote economists or policymakers in the know.

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And it's the wrong category for Bitcoin.

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They're categorizing it wrong, so they're setting the wrong expectations.

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Bitcoin isn't a business. It's a commodity. So expecting Bitcoin to generate profits is like

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asking gold for a quarterly earnings report. Its value comes from properties, not profits.

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Do you understand? Commodities store value because of their scarcity or their durability,

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or they have some sort of universal demand, not because they make something. Bitcoin's properties,

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which are, you could say, maybe fixed supply, its portability, its divisibility,

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those types of things that network that gives it value just like gold has its traits that give it

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value cash flow comes from the usage of bitcoin or the usage of gold gold doesn't pay dividends

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gold doesn't have a cash flow people still trade store and value gold and they have for a very long

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time bitcoin's cash flow exists in the ecosystem built around it so the exchanges mining payments

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selling your Bitcoin, not from Bitcoin itself. And unlike gold, Bitcoin can move around the globe

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in minutes. It's easy to verify, unlike gold, and can be stored securely without having to have a

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warehouse. So it has a lot of advantages over gold besides just that. So if you're criticizing

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Bitcoin for not being a business, that's like criticizing a wrench for not being a screwdriver.

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It's just not designed for that job. She doesn't understand it. You can't criticize Bitcoin for

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not generating cash flow. It's like asking gold for a paycheck. It's a commodity, not a company.

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It's a commodity, not a company. One more time. Bitcoin is a commodity, not a company. It doesn't

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print cash. It protects cash. It shields you from currency debasement. You understand?

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That's the difference. The fact that it doesn't have an owner or a board or employees that can

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screw-up is a benefit.

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And I don't understand how they can,

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they know about gold.

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They know about real estate.

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Clearly, she probably owns lots of real estate.

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No doubt about that.

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But she doesn't understand it about Bitcoin.

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Services?

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Unlike hard currencies like the dollar or the euro,

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cryptocurrencies only exist online.

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Ugh.

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Did they really just call the dollar a hard currency?

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Did that really just happen?

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Unlike hard currencies like the dollar or the euro,

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cryptocurrencies only exist online.

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Somehow the dollar is a hard currency.

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I mean, this is the world, right?

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They're measuring the system from within the system.

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You know what else is only online?

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Your dollars.

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Your bank account is a number on your screen,

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especially if you get auto deposit.

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Stocks.

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The shares exist in digital ledgers,

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not in like a drawer in your desk.

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How about domain names?

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There's entire businesses built on domain names.

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Those just live in a database.

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Netflix.

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Spotify.

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Purely digital. Billions of revenue. Social media accounts. There are influencers who make

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millions of dollars online. All those followers, digital. They all count as businesses. Your photos,

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your precious memories that you never touch physically anymore, digital. Points on your

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credit card, airline miles, digital. The bottom line is we get it. We understand there is things

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that are digital that have extreme value. We already live that way today. This is not some

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sort of massive shift that people need to make. Bitcoin just happens to be the first digital

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commodity. But you know, the dollar is the hard currency here. Unlike hard currencies like the

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dollar or the euro, cryptocurrencies only exist online and are issued by individuals and companies,

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not central banks. And yet billions of dollars worth of crypto are traded every day.

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The number of scams, the types of scams, the sophistication of scams are so rife and plentiful

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that the capacity to lose your money in a crypto investment is substantially higher than if you're

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just investing in stocks. Let's talk about these scams that are plentiful. I think when people

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talk about how cryptocurrency and Bitcoin is only used for scams, there's a simple three-word

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response. Blockchains, receipts, forever. Blockchains equal receipts, forever. Or maybe

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four. Blockchains, receipts are forever. Every transaction is in public. It's permanent,

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it's traceable, and the tools only get better and better. So the reality is criminals prefer cash

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or privacy coins if they can make it work. And we've covered the data before,

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This is a myth that the data just doesn't back up.

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Studies from multiple blockchain analytics firms show that illicit activity is a tiny, tiny, less than 1% use of Bitcoin.

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Now, recently, stablecoins, especially USDT, Tether, they have picked up in illicit transactions.

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But it's because they want something that's the dollar.

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And I don't enjoy saying this, but law enforcement loves an online ledger.

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They can use blockchain data to track and bust criminals, sometimes with some really sketchy connections.

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Bitcoin's transparency turns crime into an open book.

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If you transact on Bitcoin, it's out there and you need to be aware of that.

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And it just sort of deflates this whole scam narrative.

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It really is the worst tool for the job.

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Doesn't mean it doesn't happen, obviously.

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But it is the worst tool for the job.

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This argument is so, it's like the third, right?

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She's going through a list here.

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She's got one, two. She's going down a list of classic arguments that are getting new life.

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During the Biden administration, the SEC cracked down on the cryptocurrency industry.

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The Trump administration has changed course, dismissing the largest outstanding cases, which Fisher says leaves consumers more vulnerable.

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We are seeing leaders in crypto say we want to be regulated.

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And there is legislation currently here in Washington underway to regulate cryptocurrency They say they want laws passed They want laws that they write to be passed So the legislation currently being considered in Washington D is written by and for the

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crypto industry. I looked into this before we get to David Bailey. The legislative authors were

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members of Congress. The bill's development did involve consultation with the digital assets

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industry, lawyers, and some academics. So I think, you know, you could argue that the genius bill was

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influenced by industry. I think you could make that argument like she is. Or you could argue

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that stable coins are a very complicated topic and Congress critters needed consulting with people

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who knew what the hell they're talking about. Would you rather the tech experts in Congress

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wrote all of this stuff on their own?

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I mean, would you?

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Right?

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And David Bailey says,

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not the case.

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Of course he's going to say that.

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Wish that was the case.

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That'd be fantastic.

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But no, it's not true.

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David Bailey runs the Bitcoin Conference

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and is CEO of a Bitcoin holding company

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called Nakamoto.

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He's one of many crypto entrepreneurs

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who now call Puerto Rico home.

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It started because of the taxes.

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Now it's like the place to do business.

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But the 34-year-old's real claim to fame might be his role in convincing a skeptical President Trump.

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Bitcoin just seems like a scam.

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To go all in on Bitcoin during the 2024 campaign.

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I want to thank David Bailey for inviting me, special guy.

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What did you tell President Trump to get him into crypto?

226
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So first off, no one convinces the president of anything.

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He makes up his own mind about things.

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A lot of people, especially in Washington, have missed how big this has gotten.

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We're watching mainstream history and lore around civilization's adoption of Bitcoin be written right now.

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And so we made the case to the president about how many people hold this asset.

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He saw the opportunity that was here by embracing this industry.

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And I think we had a big part of swinging the election in his direction.

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The Federal Reserve says only 8% of Americans have bought or held cryptocurrency in the last year.

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They reported to the IRS.

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And only 2% have ever used it to buy anything.

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But digital assets are increasingly part of the economy.

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Soon you'll be able to use crypto as collateral for a mortgage.

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And this past week, the president signed an executive order to make it easier to hold cryptocurrency in your 401k.

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All the attention has helped drive the price of Bitcoin to an all-time high,

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recently passing $120,000 each.

241
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How much was Bitcoin when you first bought it?

242
00:18:22,814 --> 00:18:23,954
So Bitcoin was about $10.

243
00:18:24,574 --> 00:18:25,994
How much Bitcoin did you buy back then?

244
00:18:26,514 --> 00:18:30,534
Well, you know, that's something I'm not going to talk about on camera.

245
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There's only one answer.

246
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Not enough.

247
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That's the answer.

248
00:18:33,694 --> 00:18:34,654
Just put it like that, not enough.

249
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And as crypto's fortunes have improved, so have the president's.

250
00:18:39,194 --> 00:18:42,394
The WorldWB financial token sale is now live.

251
00:18:42,594 --> 00:18:46,754
CBS News estimates that crypto ventures controlled by the Trump family

252
00:18:46,754 --> 00:18:54,434
have made up to $765 million in revenue from token sales since the fall of 2024.

253
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The White House did not respond to questions about the token sales,

254
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but in a statement told CBS News,

255
00:19:00,694 --> 00:19:06,594
neither the president nor his family have ever engaged or will ever engage in conflicts of

256
00:19:06,594 --> 00:19:12,134
interest. Most experts in government ethics believe the situation is unprecedented.

257
00:19:12,654 --> 00:19:16,994
Has it ever occurred to you that maybe the president has changed his position on Bitcoin

258
00:19:16,994 --> 00:19:22,034
and crypto because he can personally benefit from it or his family can?

259
00:19:22,294 --> 00:19:26,814
No, absolutely not. I don't think he embraced this industry to enrich himself. I think that

260
00:19:26,814 --> 00:19:31,194
he just sees the same potential that I see. When you get excited about an idea,

261
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you feel compelled to do something about it.

262
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And that potential is why investors are betting that crypto will soon become part of everyday life.

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We want our fellow Americans to know that crypto and digital assets,

264
00:19:47,694 --> 00:19:52,474
and particularly Bitcoin, are part of the mainstream economy and are here to stay.

265
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But for Amanda Fisher, that's a gamble just not worth taking.

266
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We got to make sure we end it on a sour note, right?

267
00:20:01,314 --> 00:20:04,374
Because so far, Amanda has told us it's not really an investment.

268
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You should be investing in stocks and bonds.

269
00:20:08,374 --> 00:20:14,734
Of course, Fisher doesn't really care that Bitcoin has been the best performing asset for the last 10 years.

270
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It's gone up about almost 27,000 percent over the last decade.

271
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Okay?

272
00:20:23,394 --> 00:20:24,274
27,000.

273
00:20:25,094 --> 00:20:30,054
As of right now, when I checked before the show, 26,931%.

274
00:20:30,054 --> 00:20:34,614
Gold, in that same time frame, achieved 126% return.

275
00:20:35,354 --> 00:20:42,474
U.S. Treasuries, five and ten year, returned about 157%, 157%, and 87%, respectively.

276
00:20:43,294 --> 00:20:47,034
The S&P returned about 193% in the same time period.

277
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193% on the S&P.

278
00:20:49,854 --> 00:20:53,074
So she goes on about how risky it is and how dangerous it is.

279
00:20:53,174 --> 00:20:56,634
But when you zoom out, it's been the best investment over 10 years.

280
00:20:56,734 --> 00:20:58,294
And when you zoom in, let's zoom in.

281
00:20:58,354 --> 00:20:59,634
Let's go to just the last 12 months.

282
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When priced in Bitcoin, the S&P 500 has underperformed for the last 12 months.

283
00:21:07,434 --> 00:21:08,734
If you price it in Bitcoin.

284
00:21:09,214 --> 00:21:11,874
Now, everybody's going on about how the stock market's doing so great.

285
00:21:11,914 --> 00:21:13,434
But if you price it in Bitcoin, it's down.

286
00:21:13,834 --> 00:21:15,374
Now, yeah, in dollars, it's up.

287
00:21:15,494 --> 00:21:16,354
It's up in dollars.

288
00:21:16,554 --> 00:21:17,934
In USD terms, it's up.

289
00:21:17,934 --> 00:21:23,794
But in Bitcoin terms, it's down 42.6% in the last 12 months.

290
00:21:24,254 --> 00:21:28,374
So the no-coiner Joes out there that listen to this advice, they're getting screwed.

291
00:21:29,174 --> 00:21:33,934
They're getting absolutely screwed because I don't see, for the last 10 years, a better bet.

292
00:21:34,554 --> 00:21:35,854
I don't see a better bet.

293
00:21:36,034 --> 00:21:38,174
But of course, we can't end on a positive note.

294
00:21:38,274 --> 00:21:42,574
So we got to bring Fitcher back in so she can spook us a little bit about crypto.

295
00:21:43,254 --> 00:21:47,054
We heard the same thing about subprime mortgages going into 2008.

296
00:21:47,054 --> 00:21:53,794
We heard the same thing about complex financial derivatives going into the last crisis too.

297
00:21:54,394 --> 00:22:01,734
These products are wonderful and they're ways to extract so much value in wealth until they're not.

298
00:22:01,894 --> 00:22:04,934
And I fear that crypto is going to follow down the same path.

299
00:22:05,374 --> 00:22:08,114
Things are going great many times until they're not.

300
00:22:08,774 --> 00:22:14,334
This is a wild comparison comparing it to subprime mortgages and 2008 derivatives.

301
00:22:14,334 --> 00:22:20,714
that's bonkers because those were claims on debt that collapsed when borrowers defaulted.

302
00:22:21,354 --> 00:22:26,694
Bitcoin's not a liability. It's an asset with no counterparty risk. It's the solution to that

303
00:22:26,694 --> 00:22:33,334
problem. So to compare it to the 2008 toxic loan products that were misunderstood and opaque,

304
00:22:33,334 --> 00:22:38,134
even by the people creating them, to Bitcoin, which has a fixed supply and issuance schedule,

305
00:22:38,594 --> 00:22:43,774
public open source rules, verifiable, which are enforced by the nodes, not bankers,

306
00:22:44,334 --> 00:22:48,454
It's it's as 180 to that example as you could possibly get.

307
00:22:50,154 --> 00:22:56,954
Right. Right. Because the deal with the subprime stuff, as you might recall, back in 2008, they were hiding toxic debt, as they called it.

308
00:22:57,354 --> 00:23:00,174
They were bundling. You can't do that with Bitcoin.

309
00:23:01,074 --> 00:23:08,174
And I just it's wild that this gal was the head right hand man gal to Gary Gensler.

310
00:23:08,174 --> 00:23:10,754
I mean, no wonder the SEC was just such a mess.

311
00:23:10,754 --> 00:23:14,234
They don't understand what they were ruling over.

312
00:23:15,034 --> 00:23:22,654
It's really something to compare it to the subprime toxic debt has to be the worst criticism I've ever heard of Bitcoin.

313
00:23:33,334 --> 00:23:36,834
What a massive, massive disservice to CBS's viewers.

314
00:23:37,594 --> 00:23:43,954
Now, where I do see more risk than I would like to see, and to be clear, I'm a pretty risk-tolerant guy, I think.

315
00:23:44,634 --> 00:23:47,274
But what's coming is even too risky for my blood.

316
00:23:48,014 --> 00:23:51,854
There's this mix of central bankers lowering rates.

317
00:23:51,934 --> 00:23:55,134
It's expected the Fed will lower rates in September here in the U.S.

318
00:23:55,134 --> 00:23:56,694
They're already lowering it all over the West.

319
00:23:57,334 --> 00:23:59,094
M2 money supply is climbing.

320
00:23:59,654 --> 00:24:02,754
We're going to see all kinds of things pump when all this comes together.

321
00:24:02,754 --> 00:24:07,054
and even altcoins with really shaky narratives are going to run.

322
00:24:07,754 --> 00:24:11,674
And there's going to be these treasury companies that load up on Sol and Ethereum.

323
00:24:12,154 --> 00:24:15,894
There will inevitably be some sort of large market drawdown

324
00:24:15,894 --> 00:24:19,474
because all of these coins are tied to liquidity.

325
00:24:19,634 --> 00:24:21,154
They're all liquidity absorbers.

326
00:24:21,814 --> 00:24:23,494
Bitcoin pumps when there's liquidity in the market.

327
00:24:23,674 --> 00:24:26,274
Bitcoin stalls out when liquidity gets sucked out of the market.

328
00:24:26,334 --> 00:24:27,994
We've been talking about that for the last couple of years.

329
00:24:28,354 --> 00:24:30,674
That's even more true for altcoins.

330
00:24:30,674 --> 00:24:35,234
They live and die on any little bit of liquidity changes.

331
00:24:36,234 --> 00:24:43,534
And so if the market has a drawdown, the first thing they do, the very first thing they do within seconds is they risk off.

332
00:24:44,094 --> 00:24:49,374
And these ETH bags and SOL bags are going to drop like rocks.

333
00:24:49,414 --> 00:24:51,894
We just saw a mini version of this in the last week.

334
00:24:52,414 --> 00:24:55,274
And we have all of these companies piling in.

335
00:24:55,274 --> 00:25:03,734
I'm concerned about Bitcoin treasury companies in this regard, but I'm downright alarmed about the lunacy of Ethereum treasury companies.

336
00:25:04,494 --> 00:25:15,294
And this is where I see a lot of risk that's going to do brand damage and trust damage, which will blow back on Bitcoin because nobody out there in the world seems to be able to keep crypto and Bitcoin separate.

337
00:25:15,994 --> 00:25:17,114
So here's what I'm talking about.

338
00:25:17,194 --> 00:25:18,154
Here's why I'm all worked up.

339
00:25:18,154 --> 00:25:24,674
I want to present you a couple of ETH bag holders that really seem to have recognized their window of opportunity.

340
00:25:25,134 --> 00:25:27,354
Here's Joe Lube, and he's the co-founder of Ethereum.

341
00:25:27,434 --> 00:25:28,974
I've played him once before on the show.

342
00:25:29,394 --> 00:25:32,254
You might remember he co-founded ConsenSys in 2015.

343
00:25:32,874 --> 00:25:40,814
ConsenSys makes its money off of fees and metamath swaps and staking, as well as dumping their bags of ETH onto the public to fund their operations.

344
00:25:42,034 --> 00:25:47,754
He's not a great public speaker, but he is one of the few ETH bulls that gets on TV right now.

345
00:25:48,154 --> 00:25:50,374
And he's bringing a classic back.

346
00:25:50,994 --> 00:25:56,294
Talk about the flipping where Ether will eclipse the monetary base size of Bitcoin.

347
00:25:57,154 --> 00:25:59,174
Some people think that'll never happen.

348
00:25:59,474 --> 00:26:01,694
Some people think that'll take a few years.

349
00:26:02,214 --> 00:26:05,314
I think we may see astonishing things in the next year or so,

350
00:26:05,554 --> 00:26:08,134
especially with these treasury companies driving things.

351
00:26:08,194 --> 00:26:13,174
So we've got some ETH bulls on CNBC pumping that Ethereum is going to flip Bitcoin.

352
00:26:13,314 --> 00:26:15,994
And you better go out there and buy it while you can get it for so cheap,

353
00:26:15,994 --> 00:26:18,374
because it's going to just blow up in price.

354
00:26:19,234 --> 00:26:21,334
I don't know how they have the hoobers to bring this back.

355
00:26:21,694 --> 00:26:23,894
I mean, this used to be the narrative

356
00:26:23,894 --> 00:26:27,034
before Ethereum absolutely got sloshed

357
00:26:27,034 --> 00:26:28,574
for the last few years by Bitcoin.

358
00:26:28,714 --> 00:26:30,154
I mean, just absolutely sloshed.

359
00:26:30,214 --> 00:26:34,414
And now that it's been pumping since the Genius bill passed,

360
00:26:35,094 --> 00:26:38,654
they're walking around like they're the kings of the farm.

361
00:26:38,734 --> 00:26:39,934
It's just pathetic.

362
00:26:40,714 --> 00:26:42,234
And I had to figure out why.

363
00:26:42,374 --> 00:26:44,014
And this is where I think the risk comes from,

364
00:26:44,054 --> 00:26:45,454
is if people buy into this narrative,

365
00:26:45,454 --> 00:26:49,374
which currently really is only coming from about two people,

366
00:26:50,094 --> 00:26:51,254
but it will spread.

367
00:26:51,374 --> 00:26:52,174
These things do spread.

368
00:26:52,674 --> 00:26:54,934
I think it's going to present extreme risk

369
00:26:54,934 --> 00:26:57,114
if these companies snap up a bunch of ETH.

370
00:26:57,214 --> 00:26:59,294
Now, I said there was two people.

371
00:27:00,314 --> 00:27:01,794
It's all about selling the potential,

372
00:27:01,894 --> 00:27:03,454
and they have to tag team this problem.

373
00:27:04,094 --> 00:27:06,534
So for that, we're going to go to our second ETH bowl

374
00:27:06,534 --> 00:27:08,054
that people actually listen to.

375
00:27:08,194 --> 00:27:10,254
That is your buddy Tom Lee,

376
00:27:10,254 --> 00:27:14,254
and he seems to have dreams about becoming Ethereum's next Michael Saylor.

377
00:27:14,254 --> 00:27:16,694
so maybe we should be calling him Tom Lee Saylor.

378
00:27:17,134 --> 00:27:20,374
And Tom Lee Saylor says that there's a lot of potential in ETH.

379
00:27:20,414 --> 00:27:21,814
You're just not understanding it.

380
00:27:22,174 --> 00:27:27,154
And to understand it, we have to appreciate how Tom found Bitcoin

381
00:27:27,154 --> 00:27:29,334
and realized Bitcoin was digital gold.

382
00:27:29,834 --> 00:27:32,934
We noticed Bitcoin, like, because I was at Jay Morgan,

383
00:27:33,014 --> 00:27:35,454
was like $100 when I left in 2014.

384
00:27:35,454 --> 00:27:37,194
And we talked about it in 2012.

385
00:27:37,194 --> 00:27:38,654
And then suddenly it was like $1,000.

386
00:27:38,814 --> 00:27:39,594
I was like, whoa.

387
00:27:39,974 --> 00:27:43,254
This is Tom on the Bankless podcast, which I'll link in the show notes.

388
00:27:43,254 --> 00:28:02,214
You know, it's $100 billion. I've never seen anything go to $100 billion that didn't have something behind it. So at Fundstrat, we spent several months trying to understand Bitcoin, and I never fully understood it, but I found that it was driven by two very too explainable things.

389
00:28:02,214 --> 00:28:16,314
I find it really interesting that he just says right here, I never fully understood it. I never really fully understood it. He admits it right there. He understands that it's scarce and that it has a network effect. But beyond that, he never really understood it.

390
00:28:16,314 --> 00:28:18,214
that didn't have something behind it.

391
00:28:18,354 --> 00:28:21,694
So at Fundstrat, we spent several months

392
00:28:21,694 --> 00:28:22,794
trying to understand Bitcoin.

393
00:28:23,074 --> 00:28:24,874
And I never fully understood it,

394
00:28:25,374 --> 00:28:27,614
but I found that it was driven by two,

395
00:28:27,934 --> 00:28:29,334
very two explainable things.

396
00:28:29,494 --> 00:28:32,734
One is that it was 97% of that move of Bitcoin

397
00:28:32,734 --> 00:28:35,814
from 100 to 1,000 was the number of wallets

398
00:28:35,814 --> 00:28:37,494
and the activity per wallet.

399
00:28:37,694 --> 00:28:39,254
I mean, basically a network value effect.

400
00:28:39,374 --> 00:28:41,114
And we could simply say,

401
00:28:41,514 --> 00:28:43,054
in the next couple of years,

402
00:28:43,714 --> 00:28:45,374
if more people use Bitcoin,

403
00:28:45,374 --> 00:28:51,854
it's going to go up exponentially again. So we thought it would reach by 2022, 25,000,

404
00:28:51,994 --> 00:28:58,854
but it could even go to 100,000 if it got to 5 to 10% of the value of gold. So we started to really

405
00:28:58,854 --> 00:29:04,814
push that story as Wall Street needs to understand Bitcoin because it's digital gold.

406
00:29:05,614 --> 00:29:09,354
And this, I think, is kind of the problem with the, quote, digital gold narrative.

407
00:29:09,654 --> 00:29:13,914
It's only part of Bitcoin's use case. And if you can only wrap your head around that,

408
00:29:13,914 --> 00:29:16,594
you could easily undervalue Bitcoin.

409
00:29:17,354 --> 00:29:20,834
And so if Bitcoin is digital gold in Tom Lee Saylor's world,

410
00:29:21,214 --> 00:29:23,674
then Wall Street is likely to look for Ethereum

411
00:29:23,674 --> 00:29:26,034
for the coming token revolution

412
00:29:26,034 --> 00:29:28,874
where we're going to tokenize real world assets in the stock market.

413
00:29:29,634 --> 00:29:32,994
Tom Lee thinks that Wall Street will want something like Ethereum

414
00:29:32,994 --> 00:29:36,774
because of its uptime?

415
00:29:37,774 --> 00:29:40,274
Because Ethereum's been kind of a dormant chain.

416
00:29:40,274 --> 00:29:49,634
People wanted faster networks, you know, or more novel ways to do essentially validation.

417
00:29:49,834 --> 00:29:51,814
But Ethereum's had zero downtime.

418
00:29:52,154 --> 00:29:53,594
That is what matters to Wall Street.

419
00:29:53,934 --> 00:29:55,474
Zero downtime in 10 years.

420
00:29:56,154 --> 00:30:02,674
So I think that Wall Street has already decided Ethereum is the chain they're going to build Wall Street onto.

421
00:30:03,634 --> 00:30:04,414
I don't know.

422
00:30:04,494 --> 00:30:07,654
I mean, you know what else has zero downtime is an Oracle database cluster.

423
00:30:08,514 --> 00:30:11,214
So if Wall Street is looking for that,

424
00:30:11,354 --> 00:30:12,974
then they're really looking for a tech platform.

425
00:30:13,434 --> 00:30:14,374
That's what I think.

426
00:30:14,934 --> 00:30:18,054
And when these companies actually start to use this stuff,

427
00:30:18,074 --> 00:30:19,914
after they deploy their first couple of products,

428
00:30:20,314 --> 00:30:21,934
they're going to fall into a pattern

429
00:30:21,934 --> 00:30:23,454
that we see over and over again.

430
00:30:23,874 --> 00:30:25,174
Competition will increase.

431
00:30:25,634 --> 00:30:27,714
And then these companies will also realize

432
00:30:27,714 --> 00:30:29,334
they need to control their own chain

433
00:30:29,334 --> 00:30:31,154
for safety reasons and whatnot

434
00:30:31,154 --> 00:30:33,614
as they have to comply with more and more regulations.

435
00:30:34,174 --> 00:30:35,794
And of course, they're going to have to compete

436
00:30:35,794 --> 00:30:37,214
on speed and costs.

437
00:30:37,214 --> 00:30:42,334
And fundamentally, they need to extract as much rent as possible from the entire process.

438
00:30:42,874 --> 00:30:48,714
And the reality is, they could just do it with a SQL backend that has a EVM-compatible front-end API.

439
00:30:49,114 --> 00:30:52,014
And then they could extract a lot of revenue from it.

440
00:30:52,334 --> 00:30:54,494
So I'm not exactly sure I buy this.

441
00:30:54,594 --> 00:31:13,628
In fact looking into it this week Circle launched their own Level 1 called ARK which is an EVM network with USDC as its native gas token ARK testnet is actually expected to launch this fall So if Circle is going to use their own L1

442
00:31:13,628 --> 00:31:17,248
and it looks like others are also considering

443
00:31:17,248 --> 00:31:19,568
their own L1 for their stable coins,

444
00:31:20,568 --> 00:31:22,548
I'm not sure I'm buying this.

445
00:31:22,788 --> 00:31:23,668
I don't think this is,

446
00:31:23,788 --> 00:31:25,488
I think it's short-term it pumps Ethereum

447
00:31:25,488 --> 00:31:28,048
as companies experiment with these products.

448
00:31:28,508 --> 00:31:31,688
But long-term, they just fall into these natural patterns

449
00:31:31,688 --> 00:31:33,128
over and over again.

450
00:31:33,848 --> 00:31:35,608
So yes, uptime's a factor,

451
00:31:36,408 --> 00:31:37,868
but having worked inside companies,

452
00:31:37,948 --> 00:31:39,828
helping them pick the infrastructure they run on,

453
00:31:40,448 --> 00:31:42,408
revenue extraction is a much bigger factor,

454
00:31:42,688 --> 00:31:44,548
and they can get to uptime over time.

455
00:31:44,848 --> 00:31:47,708
But if we accept Tom Saylor Lee's underlying narrative

456
00:31:47,708 --> 00:31:48,668
for Ethereum treasuries

457
00:31:48,668 --> 00:31:50,668
that Wall Street's going to build stablecoins on Ethereum,

458
00:31:50,988 --> 00:31:52,348
I'm just not buying that.

459
00:31:52,348 --> 00:31:55,568
I'm not buying that overall narrative.

460
00:31:56,108 --> 00:31:57,448
It just seems ridiculous.

461
00:31:58,088 --> 00:32:00,408
They're all going to issue their own stablecoin layer ones.

462
00:32:01,088 --> 00:32:07,148
But Tom, Saylor Lee, thinks that maybe I am missing one really big factor.

463
00:32:07,728 --> 00:32:14,068
In fact, this factor is so huge, it will make Bitcoin less valuable than Ethereum.

464
00:32:14,068 --> 00:32:22,248
Ethereum will flip Bitcoin in value and become worth more than whatever Bitcoin's future potential might be because it's one factor.

465
00:32:23,148 --> 00:32:26,408
Hitting it spot on is just like Bitcoin in 2017.

466
00:32:27,148 --> 00:32:32,828
Wall Street is not professionally convinced Ethereum is even a surviving chain because

467
00:32:32,828 --> 00:32:36,708
there was some fair criticisms and, you know, and it did move to proof of stake.

468
00:32:36,848 --> 00:32:39,608
And there might have been too much ETH out there for a bit of time.

469
00:32:39,848 --> 00:32:43,188
But before the clip starts, Tom's making the point that one of the reasons why he's

470
00:32:43,188 --> 00:32:46,508
bullish on Ethereum is because there are still skeptics on Wall Street.

471
00:32:47,028 --> 00:32:50,228
And when there's still skepticism out there, that means the opportunity is larger.

472
00:32:50,628 --> 00:32:54,888
Surviving chain because there was some fair criticisms and, you know, and it did move

473
00:32:54,888 --> 00:32:58,588
to proof of stake. And there might have been too much ETH out there for a bit of time,

474
00:32:58,788 --> 00:33:04,788
but it's being fixed. And there's still skepticism that Wall Street going onto ETH,

475
00:33:05,048 --> 00:33:10,208
they're even going to stake ETH or even use ETH. Everyone's kind of more, there are probably more

476
00:33:10,208 --> 00:33:14,908
people who think that it's a layer two story and nothing benefits the layer one. And I think that

477
00:33:14,908 --> 00:33:22,388
that's what's going to be shattered. And when it does, it'll be a step function. So I think the

478
00:33:22,388 --> 00:33:28,148
upside case for ETH is actually higher than, let's say, Bitcoin did 100x, you know, could

479
00:33:28,148 --> 00:33:29,388
Ethereum do 100x?

480
00:33:29,588 --> 00:33:33,308
I mean, Joe Lubin sort of has that kind of upside in his mind.

481
00:33:34,268 --> 00:33:38,408
Joe Lubin would be the Ethereum co-founder that got himself on the CNBC that I played

482
00:33:38,408 --> 00:33:38,788
earlier.

483
00:33:39,228 --> 00:33:44,088
So I'm actually kind of amazed Tom comes out and says this because he really just screwed

484
00:33:44,088 --> 00:33:45,408
the pooch on the bet.

485
00:33:45,488 --> 00:33:49,828
If people pay attention, he's essentially saying it's him and the Ethereum co-founder

486
00:33:49,828 --> 00:33:54,348
that are the people behind this whole Ethereum could be a treasury strategy narrative.

487
00:33:55,168 --> 00:34:00,508
I mean, that undercuts it so strongly that it's basically these two just pumping that

488
00:34:00,508 --> 00:34:02,908
entire narrative and he just comes out and says it.

489
00:34:02,908 --> 00:34:07,428
Case for ETH is actually higher than, let's say, Bitcoin did 100x.

490
00:34:08,188 --> 00:34:09,728
You know, could Ethereum do 100x?

491
00:34:09,928 --> 00:34:15,228
I mean, Joe Lubin sort of has that kind of upside in his mind, you know, because Joe

492
00:34:15,228 --> 00:34:17,108
and I are in dialogue.

493
00:34:17,108 --> 00:34:24,088
I mean, we are really partners in trying to push ETH as a treasury, as a digital infrastructure.

494
00:34:26,308 --> 00:34:28,728
Wow. He just killed the play.

495
00:34:29,508 --> 00:34:38,528
If this were to get clipped and spread around Wall Street investors, he just says the entire idea is basically me and Joe Lubin and we're the ones out there talking about.

496
00:34:38,528 --> 00:34:40,168
It's really remarkable, right?

497
00:34:40,208 --> 00:34:45,768
Because the difference with the Bitcoin treasury strategy companies is Saylor just went out and did it.

498
00:34:45,868 --> 00:34:48,968
And he did it for two plus years before anybody else copied him.

499
00:34:49,228 --> 00:34:51,368
And now we're seeing other people try to copy the model.

500
00:34:52,108 --> 00:34:54,088
It's a get out there and do it.

501
00:34:54,348 --> 00:34:55,888
And then the proof is in the pudding.

502
00:34:56,008 --> 00:34:56,988
The proof is in the results.

503
00:34:57,088 --> 00:34:57,848
The proof of work.

504
00:34:58,628 --> 00:35:01,048
Where here, they're trying to fiat create the idea.

505
00:35:01,488 --> 00:35:03,048
They're basically doing proof of stake.

506
00:35:03,588 --> 00:35:07,628
They're pre-mining the idea that this is a great treasury idea.

507
00:35:08,128 --> 00:35:09,088
They're not just proving it.

508
00:35:09,368 --> 00:35:10,328
See what I'm saying?

509
00:35:10,428 --> 00:35:12,188
It's incredible that he's just admitting it.

510
00:35:12,288 --> 00:35:14,868
I think that that's what's going to be shattered.

511
00:35:15,488 --> 00:35:18,488
And when it does, it'll be a step function.

512
00:35:18,488 --> 00:35:24,848
So I think the upside case for ETH is actually higher than, let's say, Bitcoin did 100x.

513
00:35:25,628 --> 00:35:27,148
You know, could Ethereum do 100x?

514
00:35:27,368 --> 00:35:32,668
I mean, Joe Lubin sort of has that kind of upside in his mind, you know, because Joe

515
00:35:32,668 --> 00:35:34,548
and I are in dialogue.

516
00:35:34,548 --> 00:35:41,508
I mean, we are really partners in trying to push ETH as a treasury, as a digital infrastructure.

517
00:35:42,528 --> 00:35:52,268
And I think that that could happen because there is probably a non, a significant probability that Ethereum could flip Bitcoin as well.

518
00:35:53,048 --> 00:35:56,148
So this is bonkers. This is really bonkers.

519
00:35:56,148 --> 00:36:03,768
So these two are pushing this Ethereum as a treasury strategy narrative, which means you appreciate the risk.

520
00:36:03,768 --> 00:36:05,548
It's not that it's a proven sound idea.

521
00:36:05,848 --> 00:36:16,308
It's that two semi-trusted voices, especially Tom in this space, are putting their brand, their identity, their weight, their recommendation behind the idea and pushing it that way.

522
00:36:17,588 --> 00:36:20,528
It's an entirely different beast.

523
00:36:20,668 --> 00:36:22,928
And I think the risk factor here is way higher.

524
00:36:23,248 --> 00:36:32,088
Could happen because there is probably a non, a significant probability that Ethereum could flip Bitcoin as well in terms of network value.

525
00:36:32,088 --> 00:36:43,208
Right. And then so then if you're, you know, someone thinks Bitcoin's at a million, then imagine what it means for Ethereum, because it is not just Wall Street financializing onto blockchain, but it's it's AI.

526
00:36:43,208 --> 00:36:50,068
But it's also part of the U.S. focus on AI dominance. Right. Ethereum plays a strategic role there.

527
00:36:51,088 --> 00:36:54,208
What? I guess I kind of hear this all the time these days.

528
00:36:54,208 --> 00:36:56,868
AI is going to be huge for Ethereum or huge for Bitcoin.

529
00:36:57,548 --> 00:37:03,468
And here we have Tom Saylor-Lee saying he thinks the use case is so huge for AI with

530
00:37:03,468 --> 00:37:06,828
Ethereum that it's going to flip Bitcoin in market value.

531
00:37:07,668 --> 00:37:11,248
And make no mistake, Tom understands the use case for a store of value in the face of

532
00:37:11,248 --> 00:37:12,468
unprecedented debasement.

533
00:37:12,468 --> 00:37:17,708
And he still thinks AI use case is some sort of uber-bolisher for Ethereum.

534
00:37:18,308 --> 00:37:24,188
And that, to me, seems extremely risky because it's really pinned on that AI narrative.

535
00:37:24,208 --> 00:37:29,888
plus these two guys convincing the market that they should hold this asset in their treasury.

536
00:37:30,188 --> 00:37:33,668
And of course, when it blows up, when the next market dip happens,

537
00:37:33,908 --> 00:37:36,768
it could completely scuttle the idea of treasury companies.

538
00:37:36,948 --> 00:37:41,428
It could damage and tarnish the brand of Bitcoin because the stuff always blows back on Bitcoin.

539
00:37:41,768 --> 00:37:47,808
So I have to ask, do you see any use cases for AI and crypto,

540
00:37:47,928 --> 00:37:50,408
like some sort of automatic agent payments,

541
00:37:50,408 --> 00:37:54,068
or you spin up an agent and it needs to make a payment, so you give it a wallet?

542
00:37:54,968 --> 00:37:58,588
Why wouldn't you just connect it to like a pre-funded account that you used your credit

543
00:37:58,588 --> 00:37:59,048
card for?

544
00:37:59,548 --> 00:38:04,268
Is this just investors looking for dots to connect or is there some sort of AI use case

545
00:38:04,268 --> 00:38:06,908
here that I'm not seeing or not yet seeing?

546
00:38:07,488 --> 00:38:13,328
Because it seems like the huge part of the narrative for Ethereum is pinned on this being

547
00:38:13,328 --> 00:38:19,688
a ginormous use case, bolstered by the fact that the US is viewing this as strategically

548
00:38:19,688 --> 00:38:20,308
important.

549
00:38:20,788 --> 00:38:22,948
So therefore, Ethereum will become strategically important.

550
00:38:22,948 --> 00:38:35,008
He doesn't say that part out loud, but that's the implication. And this to me is the risk. I don't know what you think, but I think this makes Ethereum a bigger and bigger risk to Bitcoin's network adoption over the long haul.

551
00:38:35,668 --> 00:38:36,808
Maybe I'm overreacting.

552
00:38:37,288 --> 00:38:38,128
Boost and let me know.

553
00:38:38,248 --> 00:38:39,808
Is there an AI use case for crypto?

554
00:38:39,928 --> 00:38:45,548
And am I overreacting at the risk that Ethereum and Ethereum treasure companies will pose to Bitcoin?

555
00:38:45,548 --> 00:38:56,708
Because in my mind, they're going to go from annoying altcoins that like to just affinity scam to outright undermining the progress that Bitcoin has made in adoption over the last year and change.

556
00:38:56,708 --> 00:39:10,388
all right coming up your boosts lots of updates some more news for sure final clip of the week

557
00:39:10,388 --> 00:39:15,128
and more so i'll just mention you can support this here production by doing what you're already doing

558
00:39:15,128 --> 00:39:20,428
if you want to buy and stack sats on river maybe take advantage of their 3.8 sat savings account

559
00:39:20,428 --> 00:39:25,308
we've got a link to river i think it's one of the best ways in the u.s to stack sats if you're all

560
00:39:25,308 --> 00:39:31,148
about that self-custody you're in canadia or in the u.s the bitcoin well an amazing automatic

561
00:39:31,148 --> 00:39:35,088
self-custody platform if you're ready to spend sats you got them in a lightning wall you want

562
00:39:35,088 --> 00:39:38,888
to convert them from sats to a gift card in just minutes no login required or just use your lightning

563
00:39:38,888 --> 00:39:44,608
credentials well that's the bitcoin company it's all they do that's all they do the bitcoin company

564
00:39:44,608 --> 00:39:49,568
link to them in the show notes fold card i stack my sats when i pay my bills when i buy gas and all

565
00:39:49,568 --> 00:39:53,648
that kind of stuff i'm using the fold card they just had a great quarter too the community loves

566
00:39:53,648 --> 00:39:54,528
Link in the show notes.

567
00:39:55,348 --> 00:39:59,348
Last but not least, you can access some of that liquidity without selling your Bitcoin.

568
00:39:59,808 --> 00:40:00,508
That's salt lending.

569
00:40:01,228 --> 00:40:02,428
Link to that in the show notes.

570
00:40:02,528 --> 00:40:05,348
All services I use, no direct relationship, but I like them a lot.

571
00:40:05,728 --> 00:40:07,468
And if you use our links, you support the show.

572
00:40:23,648 --> 00:40:27,828
And we have some great boosts this week.

573
00:40:27,888 --> 00:40:33,248
This will be a collection for episode 67 and 68 because I published them back to back.

574
00:40:33,428 --> 00:40:36,308
And we had a ton of great support.

575
00:40:36,308 --> 00:40:41,468
And we start with our baller booster this week, who is Mr. Satsquatch.

576
00:40:41,468 --> 00:40:43,028
Hey, rich lobster!

577
00:40:48,328 --> 00:40:54,808
Coming in with 120,000 sats!

578
00:41:04,468 --> 00:41:05,828
Satsquatch writes, yo, Chris.

579
00:41:06,008 --> 00:41:07,928
Greetings from the secret Thousand Oaks meetup.

580
00:41:07,928 --> 00:41:11,048
Special greetings from Diesel Jeff and Pizza Chief.

581
00:41:11,468 --> 00:41:23,728
Pizza chief. Well, pizza chief. Nice to meet you as the mayor of Milktown. It's nice to meet you. And yo, Thousand Oaks meetup. It's a secret. It's a secret. Fun will now commence.

582
00:41:23,728 --> 00:41:26,688
Some jaw-dropping moments this week in your pithy macro analysis.

583
00:41:26,888 --> 00:41:31,948
Just my two no-coiner millennial kids now that when I die, I hope to give them my Bitcoin.

584
00:41:32,348 --> 00:41:36,348
It occurred to me to start a dialogue with them on the nature of value prop of Bitcoin.

585
00:41:36,568 --> 00:41:39,328
So I started the conversation with a mini overview primer email.

586
00:41:39,868 --> 00:41:42,828
My biggest fear is they just cash it in for fiat and never catch the vision.

587
00:41:43,048 --> 00:41:43,488
Thanks, man.

588
00:41:44,208 --> 00:41:45,168
Yeah, I feel that.

589
00:41:45,908 --> 00:41:48,588
My kids are teenagers just entering teen years.

590
00:41:49,068 --> 00:41:50,648
And I've been working them for years.

591
00:41:50,648 --> 00:41:52,988
I'm trying to understand the value of Bitcoin.

592
00:41:52,988 --> 00:41:55,848
because I very much intend to leave them my stash

593
00:41:55,848 --> 00:41:59,848
and I also would hate it if they sold it, you know,

594
00:42:00,228 --> 00:42:02,148
because exponentially the gains for them will continue.

595
00:42:02,868 --> 00:42:04,888
So that's a great point.

596
00:42:05,388 --> 00:42:08,868
It's very hard to get people to appreciate digital scarcity at first.

597
00:42:09,108 --> 00:42:11,328
One of the attacks that I often take is photos.

598
00:42:12,188 --> 00:42:15,408
You know, people really, really, really value some of their photos,

599
00:42:15,408 --> 00:42:17,808
but you can make infinite copies of your digital photos.

600
00:42:18,688 --> 00:42:20,188
Bitcoin is really the first thing that came along

601
00:42:20,188 --> 00:42:22,088
that we can't make infinite digital copies of,

602
00:42:22,088 --> 00:42:23,168
but is natively digital.

603
00:42:23,468 --> 00:42:24,468
And you can kind of start there

604
00:42:24,468 --> 00:42:25,608
for I think millennials and younger

605
00:42:25,608 --> 00:42:26,868
because they kind of get that digital,

606
00:42:27,108 --> 00:42:28,188
you know, native stuff.

607
00:42:28,968 --> 00:42:29,528
Good luck.

608
00:42:29,568 --> 00:42:31,028
I'd love to hear how that goes,

609
00:42:31,108 --> 00:42:31,488
Satsquanch.

610
00:42:31,988 --> 00:42:33,168
I think that's a very,

611
00:42:33,288 --> 00:42:34,208
very worthwhile endeavor.

612
00:42:34,828 --> 00:42:35,988
And thank you for the boost.

613
00:42:36,168 --> 00:42:37,528
Really appreciate that baller support.

614
00:42:37,668 --> 00:42:38,128
You, sir.

615
00:42:38,928 --> 00:42:40,548
You, sir, are a baller this week.

616
00:42:41,248 --> 00:42:42,168
Make it so.

617
00:42:42,248 --> 00:42:43,428
You make it so.

618
00:42:43,528 --> 00:42:43,768
Make it.

619
00:42:43,828 --> 00:42:44,288
Make it so.

620
00:42:44,428 --> 00:42:44,968
Make it so.

621
00:42:45,108 --> 00:42:45,688
Make it so.

622
00:42:45,808 --> 00:42:46,188
Make it so.

623
00:42:46,648 --> 00:42:48,048
Blackhost also comes in

624
00:42:48,048 --> 00:42:50,648
with a fantastic 100,000 sats.

625
00:42:50,648 --> 00:42:53,988
I hoard that which your kind covets.

626
00:42:54,128 --> 00:42:55,528
Hey, rich lobster!

627
00:42:57,448 --> 00:42:59,988
Boy, they are doing a lot with mayo these days.

628
00:43:00,148 --> 00:43:03,828
Black Host writes, no message, just pure value.

629
00:43:04,068 --> 00:43:05,848
Wow, fantastic, sir. Thank you.

630
00:43:08,728 --> 00:43:09,828
Thank you for that boost.

631
00:43:10,548 --> 00:43:14,208
Ghost Def comes in with 80,000 sets. Can you believe it?

632
00:43:14,868 --> 00:43:15,968
That is incredible.

633
00:43:16,088 --> 00:43:17,708
It's pretty funny. Next caller.

634
00:43:17,948 --> 00:43:18,508
He's a good guy.

635
00:43:18,788 --> 00:43:19,728
He's a real good guy.

636
00:43:19,728 --> 00:43:20,748
80,000 sats.

637
00:43:20,908 --> 00:43:21,048
Woo!

638
00:43:21,428 --> 00:43:22,968
I never post any messages online.

639
00:43:23,548 --> 00:43:28,968
I retracted from social media over a decade ago as my personal protest against the ad-first internet.

640
00:43:29,488 --> 00:43:30,888
I don't use podcasting apps.

641
00:43:31,028 --> 00:43:34,148
I don't use any podcasting apps because I prefer not to stream media.

642
00:43:35,108 --> 00:43:40,808
So I archive the MP3s from your RSS feed to a server, and then I run scripts to sync them to my phone to listen offline.

643
00:43:41,288 --> 00:43:45,588
All this is to say, it took me a lot to create a fountain account and post this message.

644
00:43:46,588 --> 00:43:47,328
Yes, sir.

645
00:43:47,688 --> 00:43:48,248
Yes, sir.

646
00:43:48,248 --> 00:43:48,788
Thank you.

647
00:43:48,788 --> 00:43:57,148
thank you appreciate that yeah so i've listened to all the jb podcasts religiously for years but

648
00:43:57,148 --> 00:44:01,028
i've never given you value back i love bitcoin love linux i love self-hosting and i'm a massive

649
00:44:01,028 --> 00:44:05,588
fan of your work so here's some love back p.s eventually i plan to self-host a bitcoin node

650
00:44:05,588 --> 00:44:10,028
and lightning bolt but need to find the right time around family and work boosting from the uk

651
00:44:10,028 --> 00:44:17,308
wow ghost dev that's incredible i mean you you really you really do have to step a whole through

652
00:44:17,308 --> 00:44:20,768
a whole set of hoops that you probably have avoided for a very long time. I really appreciate

653
00:44:20,768 --> 00:44:24,928
that. Also, we don't see a lot of support from the UK. We see some, and I'm grateful for it,

654
00:44:24,928 --> 00:44:30,728
but we don't see a lot. So also props to you for that. And as you know, as you listen to all my

655
00:44:30,728 --> 00:44:36,248
stuff, I do very much think it's worth building a little self-hosted Bitcoin setup. Even if you

656
00:44:36,248 --> 00:44:40,388
don't keep it forever, although running a node is pretty low effort, but even if you don't keep it

657
00:44:40,388 --> 00:44:46,648
forever, it's extremely educational. I think it's an equivalent to you can be a Linux user,

658
00:44:46,648 --> 00:44:49,288
and then you try something like Arch Linux

659
00:44:49,288 --> 00:44:53,008
and you understand Linux at a whole new level

660
00:44:53,008 --> 00:44:54,668
of how it's actually put together.

661
00:44:54,988 --> 00:44:56,768
And I think it's the same for Bitcoin

662
00:44:56,768 --> 00:44:58,688
when you do the Bitcoin node

663
00:44:58,688 --> 00:45:00,068
and the Lightning Wallet and stuff like that.

664
00:45:00,868 --> 00:45:02,128
I think that's a great endeavor.

665
00:45:02,928 --> 00:45:03,568
Thank you for the boost

666
00:45:03,568 --> 00:45:04,788
and thank you for doing all that work.

667
00:45:04,848 --> 00:45:05,648
Hope to hear from you again

668
00:45:05,648 --> 00:45:07,628
now that you got it all plumbed up and all that.

669
00:45:08,328 --> 00:45:10,508
A-Train's here with 40,000 sats.

670
00:45:10,508 --> 00:45:13,368
Thank you for helping us help you help us all.

671
00:45:13,468 --> 00:45:14,228
Yes, indeed.

672
00:45:14,428 --> 00:45:15,128
Appreciate that.

673
00:45:16,648 --> 00:45:20,568
A-Train says, thanks for the value.

674
00:45:20,668 --> 00:45:21,728
Catching up on a few episodes.

675
00:45:21,808 --> 00:45:24,588
Happy to report I got my Umbral home up and running

676
00:45:24,588 --> 00:45:25,948
with Knott's and LB Hub.

677
00:45:26,548 --> 00:45:27,508
I'm working on Lightning now.

678
00:45:27,948 --> 00:45:30,068
Can you speak to any security issues hosting a node?

679
00:45:30,368 --> 00:45:32,628
I feel like I'm a target now having this on my home network.

680
00:45:33,168 --> 00:45:34,508
I know I still have a lot to learn,

681
00:45:34,588 --> 00:45:36,388
but anything you can share in that arena would be helpful.

682
00:45:36,528 --> 00:45:37,188
Cheers, A-Train.

683
00:45:37,828 --> 00:45:42,128
I also was a bit on Kumski's about opening up the node ports

684
00:45:42,128 --> 00:45:44,188
on my firewall for my homeland,

685
00:45:44,188 --> 00:45:47,528
where I also have things like Home Assistant, right, and whatnot.

686
00:45:48,628 --> 00:45:51,648
So my solution, A-Train, although it is a bit technical,

687
00:45:51,768 --> 00:45:53,768
we did do an episode of Linux Unplugged on this

688
00:45:53,768 --> 00:45:56,468
if you search around notes.jupiterbroadcasting.com.

689
00:45:56,688 --> 00:46:00,648
My solution was I set up a tailscale mesh network

690
00:46:00,648 --> 00:46:04,028
between a Linode VPS and my node.

691
00:46:04,468 --> 00:46:06,328
I would probably use Nebula or Netbird now,

692
00:46:06,328 --> 00:46:09,208
but the key thing is a mesh VPN network.

693
00:46:09,928 --> 00:46:13,708
And then I have on my node, I have everything I want running,

694
00:46:14,188 --> 00:46:17,808
And all the administrative ports can only be accessed from the local LAN IP.

695
00:46:18,428 --> 00:46:21,808
But like the Lightning stuff and the Bitcoin node ports,

696
00:46:21,908 --> 00:46:26,188
all of those get forwarded from my VPS running on Linode.

697
00:46:26,188 --> 00:46:31,548
Because on my VPS in Linode, I have an Nginx server that's accepting those connections

698
00:46:31,548 --> 00:46:47,422
and forwarding them over my Tailnet IP my mesh VPN network to my node The end effect is I essentially have a VPS front end that forwards all of the Bitcoin and Lightning related network traffic to a node that running on my private LAN And I don ever have

699
00:46:47,422 --> 00:46:52,482
to expose my private LAN IP. I know that sounds a bit complicated. All in all, it's actually not

700
00:46:52,482 --> 00:46:57,882
too bad. And we did do an episode on it you could search around for. But it's a good endeavor. And

701
00:46:57,882 --> 00:47:05,902
I wouldn't over, over analyze the problem because I also have ran nodes for years on my home internet

702
00:47:05,902 --> 00:47:08,081
without even opening ports and things have been fine.

703
00:47:08,462 --> 00:47:10,382
In regards to Lightning, you may have better luck

704
00:47:10,382 --> 00:47:11,362
if you do have the ports open,

705
00:47:11,462 --> 00:47:13,322
but you could also put it on the Tor network

706
00:47:13,322 --> 00:47:14,682
and avoid it altogether.

707
00:47:15,402 --> 00:47:18,562
So it is a concern, but I don't think it's like,

708
00:47:18,622 --> 00:47:21,202
you know, at a one to five, I think it's like a three.

709
00:47:21,902 --> 00:47:22,302
You know what I mean?

710
00:47:22,822 --> 00:47:25,262
And for me, I value learning a little bit higher,

711
00:47:25,262 --> 00:47:28,182
but you could also always do something like a DMZ

712
00:47:28,182 --> 00:47:29,042
or something like that.

713
00:47:29,102 --> 00:47:31,042
And I would love, love, love, love,

714
00:47:31,081 --> 00:47:32,782
if anybody out there would like to boost in

715
00:47:32,782 --> 00:47:35,162
with how they run a note at home,

716
00:47:35,162 --> 00:47:36,442
but keep their homeland secure.

717
00:47:37,822 --> 00:47:39,782
Boost that into me, and I would love to relay,

718
00:47:39,922 --> 00:47:41,542
because I think that's a conversation we should get rolling.

719
00:47:42,102 --> 00:47:42,722
Thanks, A-Train.

720
00:47:43,302 --> 00:47:44,042
Nice to hear from you.

721
00:47:44,182 --> 00:47:45,442
Thanks for catching up on the shows, too.

722
00:47:46,102 --> 00:47:48,902
Block 7's here with 25,000 sats.

723
00:47:54,162 --> 00:47:54,902
Cheap boost, huh?

724
00:47:54,982 --> 00:47:55,362
Well, thank you.

725
00:47:55,402 --> 00:47:56,262
It just says cheap boost.

726
00:47:56,302 --> 00:47:57,022
Well, I appreciate that.

727
00:47:57,042 --> 00:47:57,762
That's my kind of cheap.

728
00:47:58,322 --> 00:47:59,102
Thank you, Block 7.

729
00:47:59,962 --> 00:48:01,402
Blazer 4151.

730
00:48:01,822 --> 00:48:02,842
Blazer, am I saying that right?

731
00:48:02,842 --> 00:48:06,142
with 4,321 sets.

732
00:48:06,942 --> 00:48:08,922
Well worth the time every Thursday.

733
00:48:09,081 --> 00:48:10,542
It's how I know the weekend is approaching.

734
00:48:10,862 --> 00:48:11,962
Thanks for the high quality pod.

735
00:48:12,402 --> 00:48:13,742
Yeah, good.

736
00:48:13,802 --> 00:48:15,922
I try to get it out in time for the routine.

737
00:48:16,022 --> 00:48:17,282
So I'm glad that works for you, Blazer.

738
00:48:17,402 --> 00:48:18,062
Nice to hear from you.

739
00:48:18,502 --> 00:48:22,142
One dull geeks here with 10,642 sets.

740
00:48:22,142 --> 00:48:24,722
It's over 9,000!

741
00:48:25,182 --> 00:48:30,482
As a PNRI, which was an older investor

742
00:48:30,482 --> 00:48:32,022
that's near retirement age, right?

743
00:48:32,022 --> 00:48:38,462
not all of us are stuck in the fiat mindset i personally am i personally am all in on bitcoin

744
00:48:38,462 --> 00:48:44,382
until i actually retire it's my long-term savings it's also my checking my paycheck goes directly to

745
00:48:44,382 --> 00:48:49,982
bitcoin oh man we're not beholden to our generational ideas and it is each our responsibility

746
00:48:49,982 --> 00:48:55,262
it's each of our responsibilities to question our assumptions which fed my orange pill amen to that

747
00:48:55,262 --> 00:48:59,581
one doll yeah i had to really dance around that and i don't think i did a good enough job because

748
00:48:59,581 --> 00:49:07,142
what I was talking about in episode 67 was if you are of a certain age, then you have

749
00:49:07,142 --> 00:49:10,222
existed during a certain period of financial conditions.

750
00:49:10,722 --> 00:49:15,102
And it's not, you're not investing this way because you're a boomer, right?

751
00:49:15,142 --> 00:49:17,982
It's just that you lived through a certain period of time.

752
00:49:17,982 --> 00:49:21,802
And so you may be naturally inclined to view the system in a certain way because it's always

753
00:49:21,802 --> 00:49:25,342
been that way your whole life, just like I will when I get to that point and like I do

754
00:49:25,342 --> 00:49:25,642
now.

755
00:49:25,902 --> 00:49:29,162
But like you say, not everybody is stuck in those ways of thinking.

756
00:49:29,162 --> 00:49:43,342
So well done. Getting the paycheck in Bitcoin is a bold move. He says, also, Bitcoin is already an index of human incentive is maybe the most insightful thing I've heard in a while. I'm shamelessly stealing that. Please do. I really believe it. I really do think that's the case.

757
00:49:43,342 --> 00:50:06,442
He says, but I think you misunderstood the FIRE movement. They're not trying to get a 25x return. They're trying to reduce their spending so that having a nest egg that is 25x, their annual spending, is easier. And then living a lifestyle that allows them to withdraw 1 25th, about 4% every year. The growth they need to sustain that is merely to match inflation. They don't need to 25x that.

758
00:50:06,442 --> 00:50:15,062
yeah unless it's the pandemic you know you're right i mean looking at priced in gold it looks

759
00:50:15,062 --> 00:50:20,102
like on average you know somewhere around eight or nine percent per year is the true inflation rate

760
00:50:20,102 --> 00:50:26,242
and you'd want to so i guess it'd be nice to outdo that so that way you have some profit right so

761
00:50:26,242 --> 00:50:30,902
you're not just treading water so it's not definitely not 25x you're right i just i think

762
00:50:30,902 --> 00:50:34,722
it was how they presented it i misunderstood it but i really like that boost thank you one doll

763
00:50:34,722 --> 00:50:41,402
Geek, nice to hear from you. Hello there is there with a row of ducks. No message, just the sats.

764
00:50:41,642 --> 00:50:48,422
Appreciate that. And John BRT or John's BRT is here with 5,000 sats. Everything's under control.

765
00:50:48,562 --> 00:50:52,282
Thank you for putting together a fantastic show every week. Hey, John, thank you for sending a

766
00:50:52,282 --> 00:50:59,722
little value my way. That means a lot. Appreciate that. PJ is here with 6,666 sats. The traders love

767
00:50:59,722 --> 00:51:04,162
the vol. You're always pushing new tech. Thanks for taking the hit and learning the pitfalls. Oh,

768
00:51:04,162 --> 00:51:06,182
talking about using LNURL for the boost, yeah.

769
00:51:06,842 --> 00:51:08,362
I'm sure Fountain will get things worked out,

770
00:51:08,622 --> 00:51:10,642
especially with you and this community here to push the limits.

771
00:51:10,942 --> 00:51:12,742
Yeah, I had a great chat with the Fountain team.

772
00:51:12,882 --> 00:51:13,722
They're taking it seriously.

773
00:51:13,862 --> 00:51:16,602
They're looking at a way to do it that brings on everybody,

774
00:51:16,742 --> 00:51:19,222
including apps like Castomatic that don't even have a back end,

775
00:51:19,542 --> 00:51:21,262
so that way they can participate as well.

776
00:51:21,842 --> 00:51:22,322
Thank you, PJ.

777
00:51:23,061 --> 00:51:25,902
Hey, Tone's here with 4,444 sets.

778
00:51:25,942 --> 00:51:26,822
That's a big old duck.

779
00:51:27,061 --> 00:51:27,642
Ah, fuck!

780
00:51:28,022 --> 00:51:30,561
The greater fool theory just kills me.

781
00:51:30,982 --> 00:51:33,382
Someone decides to store value by hanging on to something

782
00:51:33,382 --> 00:51:35,002
with good monetary properties.

783
00:51:35,542 --> 00:51:37,422
Over time, he does better than someone

784
00:51:37,422 --> 00:51:40,122
holding onto something with worse monetary properties.

785
00:51:40,762 --> 00:51:41,742
Other people follow suit,

786
00:51:42,122 --> 00:51:44,042
and the good money obtains monetary premium

787
00:51:44,042 --> 00:51:45,802
and goes up in value.

788
00:51:46,462 --> 00:51:48,202
This doesn't require anybody to be fooled

789
00:51:48,202 --> 00:51:49,342
about the nature of money.

790
00:51:49,882 --> 00:51:51,962
It would be foolish to not adopt better money.

791
00:51:52,102 --> 00:51:53,542
Hey, hey, yes.

792
00:51:54,162 --> 00:51:55,182
Well said.

793
00:51:55,842 --> 00:51:56,762
I completely agree.

794
00:51:56,842 --> 00:51:57,382
He's a good guy.

795
00:51:57,642 --> 00:51:58,622
He's a real good guy.

796
00:51:58,762 --> 00:51:59,442
No, he's a great guy.

797
00:51:59,622 --> 00:52:02,802
They're not measuring it in the right context.

798
00:52:02,802 --> 00:52:05,502
or not. That's some insightful stuff there,

799
00:52:05,561 --> 00:52:07,581
Aiton. Thank you. Hey, Gene Bean's also

800
00:52:07,581 --> 00:52:08,782
here with an Aflac boost.

801
00:52:09,702 --> 00:52:11,742
4,444 sats.

802
00:52:12,242 --> 00:52:13,602
Oh, he's given us an update

803
00:52:13,602 --> 00:52:15,222
on his Umbral node. He says, it's fine,

804
00:52:15,662 --> 00:52:17,722
but I think somehow this switch to NOS

805
00:52:17,722 --> 00:52:19,442
or an update in general

806
00:52:19,442 --> 00:52:21,542
might have caused me to reach the limit of my

807
00:52:21,542 --> 00:52:23,722
Raspberry Pi. I've had to turn off

808
00:52:23,722 --> 00:52:25,722
ElectRS for now to keep my node

809
00:52:25,722 --> 00:52:27,581
from falling behind. I've enjoyed

810
00:52:27,581 --> 00:52:29,581
the interview, but for sure felt that it would be

811
00:52:29,581 --> 00:52:31,242
out of place as a regular episode of Twib,

812
00:52:31,581 --> 00:52:33,542
But now as one of the specials, it absolutely fits.

813
00:52:33,822 --> 00:52:34,742
Keep up the good work, Chris.

814
00:52:35,142 --> 00:52:35,642
Thank you, Gene.

815
00:52:35,962 --> 00:52:38,662
Yeah, I really am a huge fan of AlbiHub.

816
00:52:39,242 --> 00:52:43,202
And I just really want to do more to help people adopt it.

817
00:52:43,322 --> 00:52:44,682
I think it's incredible what they're putting out there.

818
00:52:44,762 --> 00:52:46,382
So to have a chance to catch up with them,

819
00:52:46,462 --> 00:52:47,882
I wanted to get the whole chat out there.

820
00:52:48,282 --> 00:52:51,442
Glad to hear your Umbral node is doing well.

821
00:52:52,102 --> 00:52:54,822
And I wonder, Gene, if in a few weeks,

822
00:52:55,102 --> 00:52:56,682
if that usage settles down,

823
00:52:56,742 --> 00:52:58,402
although I think it's been a couple of weeks by now, right?

824
00:52:59,122 --> 00:53:01,081
I have not heard anyone reporting that, like,

825
00:53:01,182 --> 00:53:03,042
knots or anything like that uses more resources.

826
00:53:03,862 --> 00:53:05,122
Maybe keep us posted on that.

827
00:53:05,862 --> 00:53:07,742
So Keyless comes in with 5,000 sats.

828
00:53:07,922 --> 00:53:09,022
You're doing a good job.

829
00:53:09,342 --> 00:53:12,262
What are your thoughts on the Nerdax for mining at home?

830
00:53:12,722 --> 00:53:14,622
What's the best way to get started with something like this?

831
00:53:15,342 --> 00:53:16,422
So these are really cool.

832
00:53:16,882 --> 00:53:20,242
They're little homemade mining units that look rad.

833
00:53:20,462 --> 00:53:23,581
They don't, you know, they don't really have a lot of hash power,

834
00:53:23,722 --> 00:53:25,882
but there's something reasonable you can run in your home

835
00:53:25,882 --> 00:53:27,002
off of a regular old outlet.

836
00:53:27,002 --> 00:53:29,942
and we do hear stories of people

837
00:53:29,942 --> 00:53:32,042
that every now and then mine a solo block.

838
00:53:32,502 --> 00:53:33,222
I want one.

839
00:53:33,842 --> 00:53:34,342
I do, Zach.

840
00:53:34,482 --> 00:53:34,982
I want one.

841
00:53:35,642 --> 00:53:37,542
Every time I go think about buying one,

842
00:53:37,742 --> 00:53:38,581
I then ask myself,

843
00:53:38,722 --> 00:53:40,422
why don't I just buy sats with that money?

844
00:53:41,142 --> 00:53:41,342
You know?

845
00:53:41,862 --> 00:53:42,702
But then I tell myself,

846
00:53:42,802 --> 00:53:43,902
well, I'd be contributing to the network,

847
00:53:44,061 --> 00:53:44,362
blah, blah, blah.

848
00:53:44,482 --> 00:53:47,262
So I basically get stuck on this fence

849
00:53:47,262 --> 00:53:48,222
and I haven't pulled the trigger.

850
00:53:48,522 --> 00:53:49,722
I should have just bought the sats.

851
00:53:49,782 --> 00:53:51,702
It would have cost me a couple of months ago

852
00:53:51,702 --> 00:53:52,842
when I first started thinking about it.

853
00:53:53,342 --> 00:53:54,622
Anybody out there has a nerd axe,

854
00:53:54,622 --> 00:53:57,302
NerdQX, I think is actually how you say it.

855
00:53:58,022 --> 00:53:59,142
And they have a couple of different editions.

856
00:53:59,342 --> 00:54:00,482
Let me know how it's working.

857
00:54:00,561 --> 00:54:01,642
Let me know what edition you have.

858
00:54:01,742 --> 00:54:02,622
Great question, Zach.

859
00:54:02,702 --> 00:54:04,742
And now I have a little bit of FOMO.

860
00:54:06,262 --> 00:54:07,262
Thanks for boosting in.

861
00:54:07,842 --> 00:54:10,422
Everything Satoshi is here with 2,100 sets.

862
00:54:10,581 --> 00:54:11,561
Let's hear it, good buddy.

863
00:54:12,382 --> 00:54:14,442
AlbiHub is the greatest node implementation.

864
00:54:14,802 --> 00:54:18,402
Also, LND had a vulnerability that could have obliterated the entire network

865
00:54:18,402 --> 00:54:20,182
through DDoSing them with gossip messages.

866
00:54:20,662 --> 00:54:22,442
This vulnerability has lingered for years.

867
00:54:22,442 --> 00:54:25,422
I say this because LND is like 90% of the Lightning Network.

868
00:54:25,642 --> 00:54:28,162
This is why I shill AlbiHub and LDK node.

869
00:54:28,742 --> 00:54:30,882
Yes, there are a couple of different node implementations.

870
00:54:31,022 --> 00:54:33,842
Some of them are getting a little more traction than others.

871
00:54:34,902 --> 00:54:38,561
LND got an early start, and they are pretty good about issuing updates.

872
00:54:38,662 --> 00:54:39,962
But if you're running a Lightning node,

873
00:54:40,442 --> 00:54:41,862
much like a Bitcoin node, although not as frequently,

874
00:54:41,962 --> 00:54:44,222
you will want to be able to update it from time to time.

875
00:54:44,222 --> 00:54:46,022
And Albi takes care of that for you.

876
00:54:46,722 --> 00:54:48,322
Thanks, everything, Satoshi. Nice to hear from you.

877
00:54:48,822 --> 00:54:50,282
Ace Ackerman's here with a Rodex.

878
00:54:50,282 --> 00:54:57,922
orange man 401k boost yeah you saw the news right that's great coming in hot with the boost i i mean

879
00:54:57,922 --> 00:55:01,982
i would have taken a bet if i had a 401k i'd probably take advantage of it right

880
00:55:01,982 --> 00:55:06,822
so it's nice to see i'm sure not everybody will but for those that want to i think it's really

881
00:55:06,822 --> 00:55:12,561
good to see thanks ace nice to hear from you okay groovy's here with 5 000 sats this is the way no

882
00:55:12,561 --> 00:55:21,622
message just the boost which i appreciate kiwi bitcoin guides here with 4567 sats tough little

883
00:55:21,622 --> 00:55:29,182
ship little thanks again for the solid signal wow a lot of action in the comments for this episode

884
00:55:29,182 --> 00:55:34,762
i've taken you a nostril with some audio clips of the tornado cache oh and oh man oh i wish i

885
00:55:34,762 --> 00:55:40,042
would have seen that i was bad on my social media game this week oh man i would have used that the

886
00:55:40,042 --> 00:55:43,802
Journals covering in the Rage and Frank from the Bitcoin magazine.

887
00:55:44,081 --> 00:55:44,482
Onwards.

888
00:55:44,622 --> 00:55:44,902
Yes.

889
00:55:45,022 --> 00:55:45,542
Thank you.

890
00:55:46,842 --> 00:55:48,162
Man, I wish I would have seen that.

891
00:55:48,542 --> 00:55:49,561
I appreciate that boost, though.

892
00:55:49,622 --> 00:55:50,162
Please, Kiwi.

893
00:55:50,222 --> 00:55:51,482
I'll try to remember that.

894
00:55:51,522 --> 00:55:53,482
I would really appreciate audio and stuff like that.

895
00:55:54,061 --> 00:55:54,622
Great boost, too.

896
00:55:55,322 --> 00:55:57,162
Gin from Batiks here with 2,000 sats.

897
00:55:57,262 --> 00:55:58,162
I like you.

898
00:55:58,542 --> 00:55:59,581
You're a hot ticket.

899
00:55:59,782 --> 00:56:00,122
Hey, Chris.

900
00:56:00,182 --> 00:56:03,802
Albie is great, but to set up a node easily without hardware for tinkering,

901
00:56:03,802 --> 00:56:05,542
I found the Rizful.

902
00:56:05,962 --> 00:56:06,702
I found Rizful.

903
00:56:06,802 --> 00:56:07,942
R-I-Z-F-U-L.

904
00:56:07,942 --> 00:56:14,342
They offer vaults where you can customize your Lightning address, something like something at Rizful.com.

905
00:56:14,642 --> 00:56:19,862
It's the guy behind the Megalith node that created Rizful, a fun way to learn about Lightning and tinker with it.

906
00:56:20,022 --> 00:56:21,222
Oh, I'll have to check that out.

907
00:56:22,081 --> 00:56:27,362
Also, you know, AlbiHub offers AlbiHub Cloud, which is encrypted to your unlock key.

908
00:56:27,742 --> 00:56:28,802
And it's a pretty neat system.

909
00:56:28,902 --> 00:56:33,622
So they also, if you don't want to run a node at home, they will host one for you.

910
00:56:34,061 --> 00:56:34,802
Something to consider.

911
00:56:35,262 --> 00:56:36,362
I appreciate that boost.

912
00:56:36,602 --> 00:56:37,042
Thank you.

913
00:56:37,042 --> 00:56:39,662
Hey, Chad F is here with $2,433.

914
00:56:40,162 --> 00:56:41,002
Yes, sir.

915
00:56:41,122 --> 00:56:42,442
30, sir, sir, sir.

916
00:56:42,882 --> 00:56:47,542
The issue with other apps just switching to LNURL is it requires more server load,

917
00:56:47,662 --> 00:56:50,302
and apps like Castomatic, they only run on device.

918
00:56:50,462 --> 00:56:51,262
So what can they do?

919
00:56:51,662 --> 00:56:53,262
Fountain isn't the only game in town,

920
00:56:53,342 --> 00:56:56,482
and there are other apps that have been doing this value-for-value-lighting thing before them,

921
00:56:56,522 --> 00:56:57,702
and they shouldn't be left behind.

922
00:56:58,081 --> 00:57:00,022
They all use Albi, and it's been great,

923
00:57:00,102 --> 00:57:03,922
but now with AlbiHub Switch, we need an alternative for new users that is just dead simple.

924
00:57:04,402 --> 00:57:06,602
Something like CoinOS, but doesn't do Keysend.

925
00:57:06,602 --> 00:57:08,282
but that doesn't do key sends, so here we are.

926
00:57:09,042 --> 00:57:11,202
It's also broken with podcasting and wallets,

927
00:57:11,282 --> 00:57:13,022
but this also involves music, audiobooks,

928
00:57:13,042 --> 00:57:15,402
and everything else PC 2.0 wants to put in the RSS feed.

929
00:57:16,022 --> 00:57:17,762
Thanks for bringing this to more ears.

930
00:57:17,962 --> 00:57:20,081
Chris and Albie have been nothing but great to DIYers

931
00:57:20,081 --> 00:57:20,822
this entire time.

932
00:57:21,242 --> 00:57:23,262
I love Albie Go and its notifications.

933
00:57:23,762 --> 00:57:25,662
It is the fastest way to pay lightning invoices,

934
00:57:25,942 --> 00:57:27,962
and it's great to see if your Albie hub is on

935
00:57:27,962 --> 00:57:31,142
because Albie Go won't connect if it's offline.

936
00:57:31,542 --> 00:57:32,962
They said, I enjoyed the updates from Moritz.

937
00:57:33,282 --> 00:57:35,061
Extremely bullish on Albie and have been

938
00:57:35,061 --> 00:57:37,382
since Podcasting 2.0 added them years ago.

939
00:57:38,061 --> 00:57:38,962
Great boost, Chad.

940
00:57:39,081 --> 00:57:39,882
Nice to hear from you.

941
00:57:40,502 --> 00:57:43,602
Yeah, I think we are now at a point in the conversation

942
00:57:43,602 --> 00:57:47,462
where metadata that works for more apps is being discussed

943
00:57:47,462 --> 00:57:49,262
and Cast-O-Matic specifically was mentioned.

944
00:57:50,162 --> 00:57:54,162
So the downside was I missed some boosts

945
00:57:54,162 --> 00:57:55,722
and it didn't work great

946
00:57:55,722 --> 00:57:58,302
and we lost some messages a few weeks ago for the show.

947
00:57:58,542 --> 00:58:00,222
The upside is I think we have sparked

948
00:58:00,222 --> 00:58:01,882
a very productive conversation

949
00:58:01,882 --> 00:58:04,122
in the Podcasting 2.0 community

950
00:58:04,122 --> 00:58:07,242
and if it results in something that works across apps,

951
00:58:07,782 --> 00:58:10,202
I will gladly take that hit to have played my role,

952
00:58:10,262 --> 00:58:13,122
my very small role in getting that conversation going.

953
00:58:13,462 --> 00:58:13,902
Thanks, Chad.

954
00:58:13,942 --> 00:58:14,602
Nice to hear from you.

955
00:58:15,162 --> 00:58:16,802
40 Deuce is here with 2,000 sats.

956
00:58:17,982 --> 00:58:20,061
Here's some feedback on the subscription for Fountain.

957
00:58:20,222 --> 00:58:21,862
I didn't subscribe for Early Access yet,

958
00:58:22,202 --> 00:58:24,182
and now the episode is no longer tagged as Early Access,

959
00:58:24,302 --> 00:58:25,542
but I'm unable to listen to it.

960
00:58:25,622 --> 00:58:26,722
It just says I have to subscribe.

961
00:58:27,442 --> 00:58:28,561
But I, oh, he says,

962
00:58:28,602 --> 00:58:29,742
it looks like the message gets downloaded.

963
00:58:29,842 --> 00:58:30,942
I had to delete it from my library

964
00:58:30,942 --> 00:58:31,882
and then manually search for the episode

965
00:58:31,882 --> 00:58:33,242
and re-add it to my library to listen.

966
00:58:33,242 --> 00:58:38,842
The subscribe for early access message wasn't automatically replaced in my library when the full episode became available for everyone.

967
00:58:39,162 --> 00:58:40,502
Okay, I'll pass this on to them.

968
00:58:41,222 --> 00:58:43,561
Sounds like a little bit of a UI glitch there on how it displays it.

969
00:58:43,622 --> 00:58:44,102
40 deuce.

970
00:58:44,282 --> 00:58:45,662
Thank you for telling me about that.

971
00:58:46,002 --> 00:58:48,502
We are definitely trying things out for the first time.

972
00:58:48,862 --> 00:58:57,022
I'm also planning to figure out a seamless way to integrate the bonus content for Jupiter Party members that subscribe to Jupiter Party.

973
00:58:57,102 --> 00:58:59,561
So there's still a lot of moving pieces.

974
00:59:00,042 --> 00:59:01,722
And sometimes I take on too many things at once.

975
00:59:01,722 --> 00:59:07,042
but I hope to kind of get it all kind of snorted out in the next couple of weeks.

976
00:59:09,122 --> 00:59:14,162
Thank you for the boost, 40 Deuce, and Halleck is here with 9001 sats.

977
00:59:17,522 --> 00:59:20,722
Hey, Chris, I'm one of those that did come from Bitcoin via fire.

978
00:59:20,862 --> 00:59:22,242
Hey, all right.

979
00:59:22,902 --> 00:59:25,342
I literally read the entire Mr. Money Mustache blog.

980
00:59:25,902 --> 00:59:28,742
He says, rip, rest in peace, Google reader.

981
00:59:29,862 --> 00:59:31,202
Yeah, yeah, man.

982
00:59:31,722 --> 00:59:34,081
I think you're right that they are largely our allies.

983
00:59:34,542 --> 00:59:37,662
They believe in frugality and the Trinity study

984
00:59:37,662 --> 00:59:38,882
and the safe withdrawal rates

985
00:59:38,882 --> 00:59:40,561
based on historic stock market performance.

986
00:59:41,042 --> 00:59:42,382
Obviously, they think they'll do well

987
00:59:42,382 --> 00:59:43,762
to diversify into Bitcoin directly.

988
00:59:43,922 --> 00:59:45,462
Obviously, I think they would do well

989
00:59:45,462 --> 00:59:47,222
to diversify into Bitcoin directly,

990
00:59:47,522 --> 00:59:51,162
but the index funds will bring them along indirectly anyway.

991
00:59:51,581 --> 00:59:52,362
That is very true.

992
00:59:52,842 --> 00:59:54,922
That's very true for everybody, actually, isn't it, Alec?

993
00:59:54,922 --> 00:59:56,042
That's sort of a sneaky thing.

994
00:59:56,602 --> 00:59:57,762
Thank you. I appreciate that insight.

995
00:59:57,882 --> 00:59:58,522
It's good to hear from you.

996
00:59:58,882 --> 01:00:01,642
I figured it'd be like peanut butter and jelly.

997
01:00:01,722 --> 01:00:04,982
Jordan Bravo's here with a row of ducks

998
01:00:04,982 --> 01:00:07,142
boosting in to say that the interview and discussion on AlbiHub

999
01:00:07,142 --> 01:00:09,182
was great. More content like that, please.

1000
01:00:09,722 --> 01:00:11,022
Yeah, I think you'll see more interviews

1001
01:00:11,022 --> 01:00:12,822
as released as bonus episodes

1002
01:00:12,822 --> 01:00:14,482
that become available to everybody

1003
01:00:14,482 --> 01:00:17,122
and that kind of stuff. I'm glad you liked it. I appreciate that signal,

1004
01:00:17,122 --> 01:00:19,542
Jordan. It helps me, you know, plan future content.

1005
01:00:20,142 --> 01:00:21,242
User 17 came in with

1006
01:00:21,242 --> 01:00:23,722
2,050 sats,

1007
01:00:23,842 --> 01:00:25,002
which, probably not a message.

1008
01:00:25,742 --> 01:00:26,662
But he says, hey Chris,

1009
01:00:27,022 --> 01:00:29,442
you probably don't remember me, but I used to go by Cardnerd.

1010
01:00:29,702 --> 01:00:31,581
Or Cardnerd? Like Cardona Nerd?

1011
01:00:32,342 --> 01:00:33,561
Thanks to you and the Bitcoin dad,

1012
01:00:33,642 --> 01:00:35,561
I'm reformed and working on building

1013
01:00:35,561 --> 01:00:37,061
an envelope style budgeting app

1014
01:00:37,061 --> 01:00:38,622
built on Lightning and Noster.

1015
01:00:39,102 --> 01:00:40,162
Thank you for everything.

1016
01:00:40,722 --> 01:00:41,642
Well, that's cool.

1017
01:00:41,782 --> 01:00:42,622
Thanks for the update.

1018
01:00:42,842 --> 01:00:43,902
You do need to go into Fountain

1019
01:00:43,902 --> 01:00:45,642
and update your profile name

1020
01:00:45,642 --> 01:00:47,362
because right now you're coming in

1021
01:00:47,362 --> 01:00:51,282
as anonymous user 17988669,

1022
01:00:52,042 --> 01:00:52,902
which is cool,

1023
01:00:53,522 --> 01:00:55,102
but it doesn't give the shout out

1024
01:00:55,102 --> 01:00:55,882
you're probably looking for.

1025
01:00:56,302 --> 01:00:57,742
Thank you everybody who boosted in.

1026
01:00:57,782 --> 01:00:58,862
I see some of you boosting below

1027
01:00:58,862 --> 01:01:01,262
the 2000 set cutoff this week.

1028
01:01:01,722 --> 01:01:08,362
to test your nodes like SaltyCran and DebitCoiners.eu.

1029
01:01:08,682 --> 01:01:08,942
Okay.

1030
01:01:09,862 --> 01:01:10,581
A couple of you testing.

1031
01:01:10,902 --> 01:01:11,802
Another test in here.

1032
01:01:12,362 --> 01:01:14,522
Homelab Hoddle testing his node this week.

1033
01:01:15,302 --> 01:01:17,962
Look at you guys boosting me to test your self-hosted nodes.

1034
01:01:18,061 --> 01:01:19,462
I'd like to see you setting up nodes.

1035
01:01:19,581 --> 01:01:20,342
That's good to see.

1036
01:01:20,842 --> 01:01:21,802
Thank you, everybody.

1037
01:01:21,922 --> 01:01:26,482
This did span two episodes, so it is a real banger this week,

1038
01:01:26,522 --> 01:01:27,581
and I'm super excited.

1039
01:01:28,142 --> 01:01:28,942
Let's go through it.

1040
01:01:28,942 --> 01:01:31,182
We had 37 of you stream SATs.

1041
01:01:31,922 --> 01:01:34,262
I'm sorry, 45 of you stream SATs.

1042
01:01:34,682 --> 01:01:38,382
With that, we stacked from just the SATs streaming alone,

1043
01:01:38,882 --> 01:01:42,322
104,809 SATs.

1044
01:01:42,382 --> 01:01:43,422
Thank you, SAT streamers.

1045
01:01:44,382 --> 01:01:45,662
Big lift this week.

1046
01:01:46,882 --> 01:01:48,002
Big lift this week.

1047
01:01:48,061 --> 01:01:48,561
Really awesome.

1048
01:01:49,322 --> 01:01:52,702
When you combine it with our boosters across the last two episodes,

1049
01:01:52,982 --> 01:01:56,581
we had 73 people participate in the value-for-value boost system,

1050
01:01:56,581 --> 01:02:04,882
And we stacked a grand total of 551,685 sats for these last two episodes.

1051
01:02:14,936 --> 01:02:20,956
Thank you, everyone who supports the show, either with a membership, a Jupiter Party subscription or a boost.

1052
01:02:20,956 --> 01:02:26,796
It is a value for value production, and I am trying my hardest to make it work with no advertisers, just support from the audience.

1053
01:02:27,336 --> 01:02:31,336
I think that does give us the best recipe for a Bitcoin news podcast.

1054
01:02:31,856 --> 01:02:34,556
And this was a real banger. Really appreciated everybody.

1055
01:02:34,936 --> 01:02:36,636
And the signal has been received.

1056
01:02:36,636 --> 01:02:39,056
and I will continue on

1057
01:02:39,056 --> 01:02:40,916
as the This Week in Bitcoin podcast

1058
01:02:40,916 --> 01:02:43,896
is just, just getting close

1059
01:02:43,896 --> 01:02:47,876
to 100 episodes, you guys.

1060
01:02:47,976 --> 01:02:49,116
Can you believe it?

1061
01:02:49,396 --> 01:02:50,616
We're almost to 70.

1062
01:02:51,236 --> 01:02:53,236
Blows my mind.

1063
01:02:53,356 --> 01:02:54,736
And I really appreciate the support

1064
01:02:54,736 --> 01:02:55,796
from all of you to get us here.

1065
01:02:56,096 --> 01:02:58,376
Would not be this far without you.

1066
01:03:06,636 --> 01:03:10,856
Well, let's talk about Roman Storm.

1067
01:03:10,976 --> 01:03:13,696
I'm still following this story, and I think there will be future developments,

1068
01:03:13,836 --> 01:03:17,316
but he was found guilty of unlicensed money transmission conspiracy.

1069
01:03:18,536 --> 01:03:22,516
That is criminal code section 1960 in the U.S.

1070
01:03:22,516 --> 01:03:25,336
The judge noted that many possible appeal avenues exist.

1071
01:03:26,196 --> 01:03:30,476
There's up to five years in prison if the appeal fails.

1072
01:03:30,976 --> 01:03:34,316
This is extremely disappointing because of the precedent that I think it sets,

1073
01:03:34,416 --> 01:03:35,936
but it's not as bad as it could have been.

1074
01:03:35,936 --> 01:03:42,896
The co-founder of Tornado Cash was found guilty on only one count, conspiracy to operate an unlicensed money transmitter business.

1075
01:03:43,476 --> 01:03:48,376
One of the ones I was the most concerned about, but one of many possible counts.

1076
01:03:49,156 --> 01:03:52,056
Now, Storm and his defense vow to fight this sole conviction.

1077
01:03:52,876 --> 01:03:54,576
They say that there will be an appeal.

1078
01:03:55,316 --> 01:03:59,056
Of course, this isn't really a Bitcoin story, but it is an open source precedent story.

1079
01:03:59,256 --> 01:04:04,696
So I'm going to watch the appeal to continue to track this to see where it goes and see if the precedent set here is used in the other case.

1080
01:04:04,696 --> 01:04:08,916
one that is a little more closer to home to bitcoin the samurai wallet founders also pled

1081
01:04:08,916 --> 01:04:14,176
guilty and agreed to a 237 million dollar forfeiture it claimed that over 100 million

1082
01:04:14,176 --> 01:04:20,096
dollars was laundered from dark web markets for online fraud and they're going to forfeiture 237

1083
01:04:20,096 --> 01:04:25,456
million plus 6.4 million immediately in instant payment before sentencing sentencing dates have

1084
01:04:25,456 --> 01:04:30,476
been set for november 6th and november 7th for rodriguez and hill respectively no appeals are

1085
01:04:30,476 --> 01:04:36,116
allowed at this time if the sentences are greater than 60 months. So that's something we'll be

1086
01:04:36,116 --> 01:04:40,516
watching for. Hill was arrested in Portugal and then exergeted to the U.S. earlier this year.

1087
01:04:41,096 --> 01:04:44,816
That was also something that's a bit noteworthy. And this has been part of a broader crackdown

1088
01:04:44,816 --> 01:04:50,956
on mixers in general. So this and the Tornado Cash trial are two very closely watched trials.

1089
01:04:51,196 --> 01:04:56,516
And the Samurai Wallet one is closer to us Bitcoiners. So if you've got any good audio

1090
01:04:56,516 --> 01:04:59,036
or clips on this or resources sent in my way.

1091
01:04:59,116 --> 01:05:01,836
I'm collecting and I am watching.

1092
01:05:02,576 --> 01:05:03,156
Another update.

1093
01:05:03,336 --> 01:05:06,736
Bo Hines, executive director of the White House Crypto Council,

1094
01:05:07,016 --> 01:05:08,376
is stepping down.

1095
01:05:08,876 --> 01:05:11,476
And you may recall I was criticizing Bo recently

1096
01:05:11,476 --> 01:05:14,256
for not coming forward with how much Bitcoin

1097
01:05:14,256 --> 01:05:16,056
the federal government is currently holding.

1098
01:05:16,616 --> 01:05:18,696
How much Bitcoin does the federal government have?

1099
01:05:18,796 --> 01:05:19,956
I can't discuss that right now.

1100
01:05:20,316 --> 01:05:21,516
Come on, give us a ballpark.

1101
01:05:21,616 --> 01:05:22,156
I can't.

1102
01:05:22,256 --> 01:05:22,936
Is it going to be made public?

1103
01:05:22,936 --> 01:05:26,496
There are several reasons in which we're not disclosing that at this time.

1104
01:05:26,516 --> 01:05:27,656
There might be a time in which we do.

1105
01:05:28,056 --> 01:05:30,636
But what I will say is, you know, we want as much as we can possibly get.

1106
01:05:30,796 --> 01:05:31,936
And that's what I continue to say.

1107
01:05:31,976 --> 01:05:33,096
And we're going to continue to work on that.

1108
01:05:33,716 --> 01:05:35,016
That doesn't sound like they have a lot.

1109
01:05:35,256 --> 01:05:37,836
And Bo has left, perhaps before the bad news comes out.

1110
01:05:37,896 --> 01:05:41,976
Probably going to go get himself in private industry and make a bunch of money from however

1111
01:05:41,976 --> 01:05:44,796
the federal government acquires that Bitcoin, if they do.

1112
01:05:46,136 --> 01:05:49,656
Monero seems to have experienced a 51% attack this week.

1113
01:05:50,076 --> 01:05:55,176
A group known as Cubic overtook Monero's hash rate in a live 51% takeover demo,

1114
01:05:55,176 --> 01:05:57,596
sort of like a PR stunt, really.

1115
01:05:57,976 --> 01:06:00,256
It was on August 11th through the 12th.

1116
01:06:00,656 --> 01:06:04,176
The Cubic blockchain claimed to have gained 51% control,

1117
01:06:04,316 --> 01:06:05,676
and it does seem to be true.

1118
01:06:06,136 --> 01:06:07,216
The team behind Cubic,

1119
01:06:07,276 --> 01:06:09,556
they bill it as a high-performance Layer 1 blockchain

1120
01:06:09,556 --> 01:06:10,756
that uses proof of work

1121
01:06:10,756 --> 01:06:14,296
that somehow solves the trilemma of all blockchains.

1122
01:06:14,896 --> 01:06:16,116
They used their, quote,

1123
01:06:16,476 --> 01:06:19,576
useful proof of work model to redirect miners towards Monero,

1124
01:06:20,116 --> 01:06:21,336
attracting them with higher rewards.

1125
01:06:21,336 --> 01:06:24,736
They executed a six-blockchain reorganization,

1126
01:06:24,736 --> 01:06:30,276
orphaning about 60 blocks and rewriting recent transaction history on the Monero blockchain.

1127
01:06:30,896 --> 01:06:35,596
They described it as a demonstration of their technology, not a malicious takeover.

1128
01:06:36,376 --> 01:06:41,856
Monero's price, XMR, dropped around 17% in 24 hours, falling to about $245,

1129
01:06:42,476 --> 01:06:45,716
with over $500 million in market value lost.

1130
01:06:46,636 --> 01:06:50,816
Exchanges like Binance and Kraken temporarily froze XMR withdrawals during the chaos.

1131
01:06:51,536 --> 01:06:55,236
Some small miners suffered, with orphan blocks leading to lost rewards,

1132
01:06:55,656 --> 01:06:57,836
and some shutting down operations, perhaps temporarily.

1133
01:06:58,336 --> 01:07:01,196
But no major double spends or fake transactions were reported,

1134
01:07:01,956 --> 01:07:04,616
and Qubik halted after a period of time.

1135
01:07:05,276 --> 01:07:06,756
Community response has been interesting.

1136
01:07:07,136 --> 01:07:09,916
Monero supporters launched a DDoS attack on Qubik's systems,

1137
01:07:09,916 --> 01:07:14,176
reducing their hash rate from 50% to about 14% in about 72 hours,

1138
01:07:14,496 --> 01:07:16,116
which is when they kind of threw in the towel.

1139
01:07:16,796 --> 01:07:29,985
They rallied with campaigns like hashtag save XMR on social media and they tried to switch to decentralized pools like P2 Pool Now there are possible changes to Monero developers are exploring like hybrid proof and proof consensus

1140
01:07:30,125 --> 01:07:31,385
which is a massive change,

1141
01:07:31,985 --> 01:07:35,845
or longer confirmation times, but also a pretty big change,

1142
01:07:35,965 --> 01:07:37,325
but might have prevented this attack.

1143
01:07:38,145 --> 01:07:40,805
Now, it seems that the core privacy features of Monero remain intact,

1144
01:07:40,925 --> 01:07:42,265
but the incident has shaken trust

1145
01:07:42,265 --> 01:07:45,665
and, of course, sparked debates about proof-of-work's long-term security

1146
01:07:45,665 --> 01:07:49,045
if there isn't enough hardware securing the network.

1147
01:07:49,885 --> 01:07:52,645
that is rough for Monero.

1148
01:07:53,405 --> 01:07:54,265
You know, and I saw some Monero,

1149
01:07:54,365 --> 01:07:56,425
what are we going to do if Monero's under attack

1150
01:07:56,425 --> 01:07:56,945
and it's wrecked?

1151
01:07:56,965 --> 01:07:57,685
What are we going to do?

1152
01:07:57,825 --> 01:07:58,345
What are we going to do?

1153
01:07:58,625 --> 01:08:00,185
You need to go look into Lightning and Liquid

1154
01:08:00,185 --> 01:08:01,065
and eCash, friends.

1155
01:08:01,785 --> 01:08:02,985
There's other options out there,

1156
01:08:03,085 --> 01:08:04,865
but what a wild one to see happen.

1157
01:08:05,385 --> 01:08:06,265
I mean, if you have any insights,

1158
01:08:06,345 --> 01:08:07,105
if you're a Monero user

1159
01:08:07,105 --> 01:08:08,145
and you know any more than I do,

1160
01:08:08,325 --> 01:08:10,085
please boost in and share it with us.

1161
01:08:11,325 --> 01:08:12,385
Now, how about this one?

1162
01:08:12,865 --> 01:08:14,745
I'm going to play a clip from 2018.

1163
01:08:14,965 --> 01:08:15,845
It's a Harvard economist.

1164
01:08:16,245 --> 01:08:16,985
His name's Kenneth.

1165
01:08:17,845 --> 01:08:23,105
And he was convinced that Bitcoin was more likely going to go to $100 than $100,000.

1166
01:08:23,565 --> 01:08:28,405
Ken, let me ask you about something else that you have had strong opinions on in the past, which is Bitcoin.

1167
01:08:28,765 --> 01:08:31,665
Back then in October, you were talking about the price bubble collapsing.

1168
01:08:31,945 --> 01:08:35,745
Looking at the level right now, it's trading around $11,300 today.

1169
01:08:35,985 --> 01:08:39,005
Have we seen the bottom or is that collapse still coming?

1170
01:08:39,005 --> 01:08:42,865
And in fact, if that is what you expect, what do you think will be the trigger?

1171
01:08:42,865 --> 01:08:51,185
Oh, I think Bitcoin will be worth a tiny fraction of what it is now if we're headed out 10 years from now.

1172
01:08:51,625 --> 01:09:01,205
It's basically if you take away the possibility of money laundering, tax evasion, its actual uses as a transactions vehicle are very small.

1173
01:09:01,685 --> 01:09:02,145
Some of the bit.

1174
01:09:03,845 --> 01:09:05,925
Oh, not so not so accurate.

1175
01:09:06,025 --> 01:09:11,685
It's just interesting that some of these have not changed, even though the data proves it to be wrong.

1176
01:09:11,685 --> 01:09:18,525
and also it requires hand-waving away the fact that cash is exponentially used more for this type of stuff.

1177
01:09:19,065 --> 01:09:20,205
Like, oh yeah, well, of course, yeah.

1178
01:09:20,445 --> 01:09:25,725
Tax evasion, its actual uses as a transactions vehicle are very small.

1179
01:09:26,185 --> 01:09:28,605
Some of the Bitcoin advocates say, well, it's beautiful.

1180
01:09:28,785 --> 01:09:30,345
People will hold it because it's beautiful.

1181
01:09:30,745 --> 01:09:32,145
I think that's nonsense.

1182
01:09:32,625 --> 01:09:37,005
So the trigger, of course, is going to be regulation, but it's not going to happen overnight.

1183
01:09:37,005 --> 01:09:39,145
It really needs to be global regulation.

1184
01:09:39,145 --> 01:09:48,465
This used to be a common thing. I mean, even until just, you know, six months ago, that Bitcoin would be destroyed by regulation. Oh, yeah, it might be successful, but the governments will never allow it.

1185
01:09:48,465 --> 01:09:56,105
If the U.S. cracks down on it and China cracks down, but Japan doesn't, people will be able to still launder money through Japan.

1186
01:09:56,105 --> 01:10:06,845
But I don't think it's going to go to zero because I think there'll be rogue nations who feel outside the global financial system, not invested in it, that will still accept it.

1187
01:10:06,985 --> 01:10:12,685
But I would see $100 as being a lot more likely than $100,000 10 years from now.

1188
01:10:13,425 --> 01:10:15,845
$100 more likely than $100,000.

1189
01:10:15,845 --> 01:10:24,685
Well, you know, this week, Harvard announced that they have acquired and now hodl over $100 million in the Bitcoin ETF.

1190
01:10:25,245 --> 01:10:28,165
They bought at over $100,000 in price.

1191
01:10:28,425 --> 01:10:31,185
So you really do get Bitcoin at the price you deserve.

1192
01:10:31,705 --> 01:10:40,165
So from saying that it would be less than $100 in 10 years to now buying it at over $100,000, there is some sweet, sweet schooling in that.

1193
01:10:45,845 --> 01:10:58,805
All right, it's time for our final clip of the week.

1194
01:10:58,885 --> 01:11:01,805
And I felt like we should give it to Natalie Brunel.

1195
01:11:02,185 --> 01:11:03,605
She really earned it this week.

1196
01:11:03,705 --> 01:11:04,805
Sometimes I'm a little skeptical.

1197
01:11:05,025 --> 01:11:09,485
You know, she has like Novogratz on her podcast and lets them say a lot of ridiculous stuff.

1198
01:11:09,485 --> 01:11:18,665
But then she goes out there and she puts such a good face into such a good spokesperson for Bitcoin that I can't help but just be so damn impressed.

1199
01:11:18,665 --> 01:11:31,845
Not only that, but the patience that this gal has for these news actors that even after years of her going on there and simply and slowly explaining it to them, they still don't get it.

1200
01:11:31,845 --> 01:11:40,605
Even though their entire job is the financial markets, she still sits there and calmly and rationally explains it to them in a way that they just simply can't argue.

1201
01:11:40,905 --> 01:11:43,845
And for that, that makes her our final clip of the week.

1202
01:11:44,065 --> 01:11:48,505
And I look at crypto and AI, Natalie, in the same vein to a certain degree.

1203
01:11:48,665 --> 01:11:55,145
These are things that President Biden and his administration were shying away from, whereas President Trump is saying they're not going anywhere.

1204
01:11:55,325 --> 01:11:56,805
I want us to be number one.

1205
01:11:56,905 --> 01:11:58,545
This industry is no longer fringe.

1206
01:11:58,885 --> 01:11:59,885
It is foundational.

1207
01:11:59,885 --> 01:12:04,865
We are really reimagining how value is stored and also moved in the 21st century.

1208
01:12:05,005 --> 01:12:12,205
And what I'm most happy about is that the White House is actually recognizing that the most important innovation in crypto is Bitcoin.

1209
01:12:12,485 --> 01:12:15,885
It is the core asset in this new monetary system.

1210
01:12:16,045 --> 01:12:16,905
So there she goes.

1211
01:12:16,965 --> 01:12:25,985
She's done a good job of now taking the conversation away from crypto to Bitcoin and then underscoring that by saying the White House has said there's a difference between crypto and Bitcoin.

1212
01:12:25,985 --> 01:12:29,185
And they're recognizing things like the essential need

1213
01:12:29,185 --> 01:12:40,634
for the ability to self because that is so in line with the American value of property rights And the White House report on digital assets this week also said that the government is looking at

1214
01:12:40,634 --> 01:12:45,814
plans to accumulate Bitcoin. They even mentioned a term that we have in the Bitcoin space called

1215
01:12:45,814 --> 01:12:51,094
stacking sats, which is slowly accumulating Bitcoin, not thinking about the daily price moves,

1216
01:12:51,174 --> 01:12:54,894
but slowly accumulating a meaningful amount to serve strategically in our reserve.

1217
01:12:55,194 --> 01:12:57,914
Quick before I get to everybody else on this, because you are the expert.

1218
01:12:57,914 --> 01:13:13,994
When it comes to the Trump administration and its strategy, the more ubiquitous Bitcoin comes with respect to its usage out there, does it become less likely that the government or the central bank would ever look to make Bitcoin, you know, its strategic, its currency in that way?

1219
01:13:14,254 --> 01:13:16,054
Do the are the two things separate?

1220
01:13:16,194 --> 01:13:19,554
If it becomes mainstream in the way that it is, then you won't use it in that way.

1221
01:13:19,594 --> 01:13:20,754
Or can they coexist?

1222
01:13:20,934 --> 01:13:25,394
If we get another president like Joe Biden, can they come back and say, you know what, we're going to get rid of the dollar?

1223
01:13:25,394 --> 01:13:54,674
That was such a mess of a question. So I think it was something like if Bitcoin becomes really popular, is it less likely that central banks will use it? And then she like hard shifted to, well, what if we get another administration and they don't like it? It was a mess of two questions. I honestly, if I was in that position, the counter is going down. You've got just a few seconds left. The lights are on. The mics are on. The TV cameras are going. You're live on the air. And this news actor craps this out in front of you.

1224
01:13:54,674 --> 01:13:58,814
Like, personally, in that moment, I'm not sure what I would say.

1225
01:13:59,134 --> 01:14:00,634
I hope I would come up with an answer.

1226
01:14:01,094 --> 01:14:02,674
But there's no question there.

1227
01:14:02,914 --> 01:14:04,614
There's nothing there to respond to.

1228
01:14:04,754 --> 01:14:07,934
And yet, somehow, Natalie crushes it.

1229
01:14:08,014 --> 01:14:09,214
Are the two things separate?

1230
01:14:09,334 --> 01:14:12,694
If it becomes mainstream in the way that it is, then you won't use it in that way?

1231
01:14:12,794 --> 01:14:13,914
Or can they coexist?

1232
01:14:14,074 --> 01:14:17,474
If we get another president like Joe Biden, can they come back and say, you know what?

1233
01:14:17,514 --> 01:14:18,534
We're going to get rid of the dollar.

1234
01:14:18,774 --> 01:14:20,974
I think we have crossed an inflection point.

1235
01:14:20,974 --> 01:14:27,654
I think Bitcoin is here to stay and it will be a strategic reserve asset for the country and it does not threaten the U.S. dollar.

1236
01:14:28,074 --> 01:14:34,914
In fact, they're prioritizing stable coins right now because they want to extend dollar dominance and provide us with more demand for U.S.

1237
01:14:34,994 --> 01:14:40,214
Treasury debt because these stable coins have to be backed one one to one with cash reserves or short term treasuries.

1238
01:14:40,334 --> 01:14:42,234
That's going to extend the dollar globally.

1239
01:14:42,234 --> 01:14:50,674
And those stable coins have really helped a lot of people in other nations that face far worse currency crises and far worse inflation that we have here in America.

1240
01:14:50,974 --> 01:14:59,614
But Bitcoin is going to be that pristine savings technology and capital that corporations are looking at to put on the balance sheet to strengthen against the debasement that we know is going to come.

1241
01:14:59,854 --> 01:15:01,074
We know they're going to have to print.

1242
01:15:01,434 --> 01:15:03,054
We know that the deficits are going to continue.

1243
01:15:03,234 --> 01:15:04,974
And so Bitcoin is the one thing immune to that.

1244
01:15:05,014 --> 01:15:06,354
It's the one thing no one can print.

1245
01:15:06,614 --> 01:15:06,974
Wow.

1246
01:15:07,094 --> 01:15:11,134
I cannot believe she got to there from whatever that question was.

1247
01:15:11,534 --> 01:15:12,574
That was really impressive.

1248
01:15:12,854 --> 01:15:15,294
But now this is where the patience factor comes in.

1249
01:15:15,414 --> 01:15:16,534
I talk to you all the time.

1250
01:15:16,634 --> 01:15:17,294
We talk to you.

1251
01:15:17,374 --> 01:15:18,194
We ask you questions.

1252
01:15:18,394 --> 01:15:18,854
We learn.

1253
01:15:18,854 --> 01:15:23,974
I got to say, and I'm embarrassed to say, but I'll be honest with everybody, Gary, I still don't really understand it.

1254
01:15:24,234 --> 01:15:27,034
So if I really don't understand it, it's hard to get in as an investment.

1255
01:15:27,214 --> 01:15:29,834
But yet I watch it just keep moving higher and higher and higher.

1256
01:15:31,754 --> 01:15:32,854
You smell that FOMO?

1257
01:15:33,194 --> 01:15:34,354
Smells like FOMO, boys.

1258
01:15:34,814 --> 01:15:41,074
And I'm thinking to myself, if there is not an aspect of my portfolio that's invested in crypto in some way, I am losing out.

1259
01:15:41,374 --> 01:15:43,974
You just took the words right out of my mouth.

1260
01:15:43,974 --> 01:15:46,814
I have been saying since day one, I don't understand.

1261
01:15:46,814 --> 01:15:49,154
And I don't know what the meaning of it is.

1262
01:15:49,334 --> 01:15:52,854
All I can tell you is as an asset, the price has just been going up.

1263
01:15:52,974 --> 01:15:53,634
It's cool, dude.

1264
01:15:53,694 --> 01:15:54,594
It's not your job.

1265
01:15:54,834 --> 01:15:59,174
You're not expected to understand how this stuff works and then communicate it to your

1266
01:15:59,174 --> 01:15:59,454
viewers.

1267
01:15:59,714 --> 01:16:03,254
So, you know, at the end of the day, after you get done talking to people, just go home

1268
01:16:03,254 --> 01:16:04,214
and don't Google anything.

1269
01:16:04,354 --> 01:16:05,034
Don't look it up.

1270
01:16:05,094 --> 01:16:06,014
Don't watch a YouTube video.

1271
01:16:06,074 --> 01:16:07,034
Don't listen to a podcast.

1272
01:16:07,514 --> 01:16:08,634
Don't read the white paper.

1273
01:16:09,094 --> 01:16:11,134
Just ignore it completely.

1274
01:16:11,334 --> 01:16:15,014
And then for years, just go on there and talk about how you don't understand it.

1275
01:16:15,014 --> 01:16:15,854
That's all you got to do.

1276
01:16:15,854 --> 01:16:21,214
One, I don't understand. I don't know what the meaning of it is. All I can tell you is as an

1277
01:16:21,214 --> 01:16:27,754
asset, the price has just been going up, up and up. Yeah, it had a 75% drop in the last bear market.

1278
01:16:27,834 --> 01:16:34,034
I'm thinking that's it. It's over and right back. But I do worry the next bear market in the NASDAQ

1279
01:16:34,034 --> 01:16:40,134
that it's going to come down because it is an asset and the fear and greed factor. What I don't

1280
01:16:40,134 --> 01:16:45,574
understand when I hear, I think it's Saylor that says it's going to 13 million in price.

1281
01:16:45,734 --> 01:16:50,734
These are the things I don't understand. But look, I've watched you on TV for a while

1282
01:16:50,734 --> 01:16:55,574
with big smile on your face and you've been right as rain. I can't argue the point. I never argue

1283
01:16:55,574 --> 01:17:00,314
against price. Can I just say two things? Number one, Bitcoin priced in the S&P 500. The S&P is

1284
01:17:00,314 --> 01:17:07,594
down 85% priced in Bitcoin. You're super early. That down 85% priced in Bitcoin is since 2020.

1285
01:17:07,594 --> 01:17:13,054
right? I mean, it's really remarkable when you price the S&P at Bitcoin and you zoom out a little

1286
01:17:13,054 --> 01:17:17,554
bit. It doesn't look good. I just say two things. Number one, Bitcoin priced in the S&P 500,

1287
01:17:17,694 --> 01:17:23,134
the S&P is down 85% priced in Bitcoin. You're super early. We're all very early to Bitcoin.

1288
01:17:23,234 --> 01:17:28,934
And I say that because it is a $2 trillion market cap competing with equities, bonds, gold,

1289
01:17:29,174 --> 01:17:34,114
real estate, which are hundreds of trillions of dollars of wealth. If we just reached 20 trillion,

1290
01:17:34,114 --> 01:17:36,234
which is gold, that's over a million dollars per Bitcoin.

1291
01:17:36,414 --> 01:17:39,534
But there's no earnings, no sales, no product, no service.

1292
01:17:39,534 --> 01:17:45,924
That a feature not a bug Look at the tariffs Ryan No chairman of the Fed no CEO no earnings 30 seconds Ryan You winning

1293
01:17:57,044 --> 01:17:59,764
Time to check in on the state of the network before I get out of here.

1294
01:18:00,164 --> 01:18:08,944
Wrapping up at block height, $909,884. The current Bitcoin to USD price is $121,840.

1295
01:18:09,784 --> 01:18:14,184
The sats per dollar right now is clocking at 821 sats to one U.S. dollar.

1296
01:18:14,724 --> 01:18:21,444
We are just down 1.1% from the all-time high, which was $123,180.

1297
01:18:22,104 --> 01:18:24,164
That was on July 14th, 2025.

1298
01:18:25,224 --> 01:18:34,464
Our difficulty retarget date is now set for August 22nd, 2025, currently estimated at a downward adjustment of negative 5.4%.

1299
01:18:34,464 --> 01:18:41,364
There are 23,416 nodes reachable on the network, and I have a feeling there's a few more coming online soon.

1300
01:18:41,544 --> 01:18:43,384
I'd like to see that just creep up.

1301
01:18:44,824 --> 01:18:46,884
Knots flirting with 16%.

1302
01:18:46,884 --> 01:18:53,324
Currently measured at 15.7%, 3,687 Knots nodes on the network.

1303
01:18:53,964 --> 01:18:58,464
Only exceeded by Core 28.1 and Core 29.0.

1304
01:18:58,944 --> 01:19:02,424
It'll be interesting to see how Core 30 does when it comes out soon on that list.

1305
01:19:02,424 --> 01:19:07,024
Looking across the Bitcoin network stats, everything looks really great.

1306
01:19:08,024 --> 01:19:11,264
The strength of the Bitcoin network is mighty strong.

1307
01:19:23,824 --> 01:19:27,064
Links to what I talked about are at This Week in Bitcoin.show.

1308
01:19:27,364 --> 01:19:30,804
My goal is to give you a show that doesn't get distracted by the emotions or the hype,

1309
01:19:30,804 --> 01:19:33,424
but really focuses on the signal and the details, the data,

1310
01:19:34,144 --> 01:19:36,764
and then conveys that to you in a way that you can properly digest.

1311
01:19:36,944 --> 01:19:37,964
Boosted and let me know how I did.

1312
01:19:38,324 --> 01:19:41,124
I also would love to get a boost for anything I missed you'd like me to cover

1313
01:19:41,124 --> 01:19:45,924
or any additional details or background you have on a story I talked about.

1314
01:19:46,484 --> 01:19:50,484
I'm really happy to say that it looks like we have our Value for Value track support back,

1315
01:19:50,604 --> 01:19:54,084
so I get to wrap this show up with a Value for Value song.

1316
01:19:54,584 --> 01:19:59,884
I think this is perhaps one of the absolute best demonstrations of Bitcoin,

1317
01:19:59,884 --> 01:20:04,884
the Lightning Network, microtransactions, and how people use Bitcoin for all kinds of things.

1318
01:20:05,184 --> 01:20:10,464
So if you boost in while this track is playing, magic wallet switching technology will kick in,

1319
01:20:10,764 --> 01:20:14,184
and 95% of your sats will go to the artist.

1320
01:20:14,844 --> 01:20:21,364
And this week, I'm going to feature someone that is a personal Value for Value track OG artist for me.

1321
01:20:21,764 --> 01:20:25,444
Somebody who's played some of my favorite tracks, and he's got a new one.

1322
01:20:26,064 --> 01:20:28,564
And I got to get these summer songs in while I still can.

1323
01:20:28,564 --> 01:20:31,964
This is Ollie, and it is Lost Summer.

1324
01:20:58,564 --> 01:20:59,984
Find peace, find woosah

1325
01:20:59,984 --> 01:21:01,984
Daydreaming how to grow the money moot law

1326
01:21:01,984 --> 01:21:03,264
My girl was talking last night

1327
01:21:03,264 --> 01:21:04,104
But some other things

1328
01:21:04,104 --> 01:21:06,124
All I heard was hippity-dippity hoopla

1329
01:21:06,124 --> 01:21:07,584
Wearing all my OJs

1330
01:21:07,584 --> 01:21:08,524
I came a long way

1331
01:21:08,524 --> 01:21:09,424
A legend in my city

1332
01:21:09,424 --> 01:21:10,624
But I never got the praise

1333
01:21:10,624 --> 01:21:12,004
A lot of people hiding from themselves

1334
01:21:12,004 --> 01:21:12,604
They afraid

1335
01:21:12,604 --> 01:21:13,344
But I can't give a

1336
01:21:13,344 --> 01:21:14,764
What anybody say

1337
01:21:14,764 --> 01:21:15,664
I just do me

1338
01:21:15,664 --> 01:21:16,704
I just do me

1339
01:21:16,704 --> 01:21:17,744
You know the flow rare

1340
01:21:17,744 --> 01:21:18,804
When I'm on a red beat

1341
01:21:18,804 --> 01:21:20,924
I never needed AI lyrics to compete

1342
01:21:20,924 --> 01:21:21,364
Nah

1343
01:21:21,364 --> 01:21:22,984
I was born with this heat

1344
01:21:22,984 --> 01:21:23,444
Yeah

1345
01:21:23,444 --> 01:21:25,544
Yeah

1346
01:21:25,544 --> 01:21:29,664
I never needed AI lyrics to compete, nah

1347
01:21:29,664 --> 01:21:31,984
I was born with his feet, yeah

1348
01:21:31,984 --> 01:21:35,544
I was too

1349
01:21:35,544 --> 01:21:41,544
I always been an underdog, always been a leader

1350
01:21:41,544 --> 01:21:43,584
I be too lull, I be way too Derek Jeter

1351
01:21:43,584 --> 01:21:45,684
I never took a penny, not a dollar for a future

1352
01:21:45,684 --> 01:21:47,764
Cause I don't want the money, I want something much deeper

1353
01:21:47,764 --> 01:21:49,804
No, this is not a race, this is not a hundred meter

1354
01:21:49,804 --> 01:21:51,884
I caught up by the chain, caught up by the two-seater

1355
01:21:51,884 --> 01:21:53,944
You think you hot now, but retirement is sweeter

1356
01:21:53,944 --> 01:21:56,124
A lot of rappers ending up as one of my greeters

1357
01:21:56,124 --> 01:21:58,104
They bought into the hype, bought into the hype

1358
01:21:58,104 --> 01:22:00,224
Configured in a post, but not in real life

1359
01:22:00,224 --> 01:22:02,244
Becoming someone else that they ain't even like

1360
01:22:02,244 --> 01:22:04,304
It's more about the image than lyrics that you write

1361
01:22:04,304 --> 01:22:06,364
That ain't even right, not right, not right

1362
01:22:06,364 --> 01:22:08,424
Still remember when I started driving under Starlites

1363
01:22:08,424 --> 01:22:10,504
All them days in the studio and all them non-flights

1364
01:22:10,504 --> 01:22:12,564
I'm just talking to myself, but I do it with a mic

1365
01:22:12,564 --> 01:22:14,244
This my ADHD's new anthem

1366
01:22:14,244 --> 01:22:16,344
I'm young, rich, and handsome

1367
01:22:16,344 --> 01:22:18,564
I'm addicted to the music, I never stop

1368
01:22:18,564 --> 01:22:20,504
Mind games, I'm just paying my ransom

1369
01:22:20,504 --> 01:22:22,924
Leave a message at the beep, I'ma make a bop

1370
01:22:22,924 --> 01:22:25,004
I know them heads turn every time that I drop

1371
01:22:25,004 --> 01:22:27,264
Y'all can say whatever about me, lil' homie

1372
01:22:27,264 --> 01:22:29,224
But I'ma end up on top

1373
01:22:29,224 --> 01:22:33,484
Y'all can say whatever about me, lil' homie

1374
01:22:33,484 --> 01:22:37,444
But you know, I'ma end up on top

1375
01:22:52,924 --> 01:23:22,904
Thank you.